Pros
Flexible work hours - rarely a day past 5pm, every other Friday off, can work from home Tons of vacation/float hours that accrue, you do not lose them. Lockheed really does advocate a work/life balance. For the most part, work is challenging and rewarding Very smart people work at Lockheed, you will learn a lot. Hard company to get into, but once in, Lockheed is a company you can stay at your entire career Good recognition if you work hard. Review system is decent - if you work hard, you will be rewarded. Good tuition reimbursement system for those that want to pursue a post-grad degree
Cons
Very bureaucratic, very decentralized, very "slow" organization. Not a lot of opportunity for vertical movement in the company. Lots of employees have been at Lockheed 20-30 years in the same position and just want to be left alone to do their job. No focus on training other than compliance training (ethics, sexual harassment). Seperation of duties is taken to the extreme at Lockheed; a lot of time is spent waiting on others to complete tasks so that you can get your job done. Masters degree is required if you want any type of leadership position - no exceptions.