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I worked at IBM full-time (More than 10 years)
Big company with lots of opportunity to move into new positions if you are persistent about moving up and don't get complacent in your job. Good work-life balance, work at home, great benefits, training available IF you have a manager willing to speak up and get approval for you.
NO loyalty to long time employees when it comes to resource actions. I was loyal to company and remained in same position because they didn't have anyone else to support application and thought I was helping out. All it really did was hurt me in the end. When I was not allowed to move to another position or get training to complete certification I should have started looking for a job outside the company. Laid off after 10+ years. They were offshoring many jobs to BRIC countries.. Initially very upset with company but would go back to them with different mindset and this time use them for my own personal development and advancement.
Advice to Management
Stop offshoring and if you move jobs to central US to take advantage of cheap labor then consider finding jobs for those who don't want to relocate. You should recognize that loyal employees who have stayed with you for over 10 years have value which cannot easily be replaced. When you bring on new PMs from India they may be cheaper in initial salary but end up costing you a lot more by wasting countless hours of much higher band stakeholders who have to sit on the call trying to give status updates to someone who cannot understand what is going on.