Pros

You will not find better benefits anywhere, great people, tons of perks, working on campus is awesome, great coworkers, management depends on where you're working but there's a lot of great people working at the U of MN. I have job security you can't find in the private sector, I know the work I'm doing is important and isn't based on what is going to be profitable to some shareholders or greedy CEO, and I work in an amazing lab. I am technically hourly but I don't have to report my hours. The plus is I can generally go home as long as my work is done, but I also never get overtime pay. Schedule is flexible and environment is relaxed and stress free.

Cons

The great benefits mean low take-home pay. Medica gets approximately as much money from the U of MN to pay my health insurance premium as I do (net) as a result of me working full time. If you count other benefits + retirement, the U of MN sends majority of what it costs to employ me to other people/companies. At least I don't get taxed on most of that, but you have to admit it is a bit ridiculous-and it is high time the U of MN negotiate for lower premiums with no cuts in coverage. I spent years in college, and I made more working behind a desk at a hotel than I do working as an accomplished academic researcher.