I have been working at IBM (More than 3 years)
IBM is so big that the Pros/Cons depend somewhat on what group you are working in.
Where I work all my coworkers were good, hardworking people willing to help out. There is a good work life balance, lots of vacation days, sick leave, and flexible hours. Medical, Dental, and Health insurance.
Management has very poor communication with its employees. My direct manager goes months without checking in on my to see how things are going. Emails from upper management are full of near meaningless business jargon such as "Creating a playbook to sharpen your digital edge".
The business model in my group requires employees to find projects on their own. IBM does provide a tool for finding projects but often times that tool call doesn't list all the projects or lists incorrect information about the project. Often times, projects are found through less formal methods such as word of mouth.
Pay is atrocious. Far below the industry average.
Email spam. Various people from around the company send you emails about projects and events that are not relevant to you at all. It got so bad I had to create a junk mail folder.
Advice to Management
Talk to your employees, and not in business jargon or about irrelevant topics. Simple, practical communication like "How are things going?", "Do you need anything?", "You need to do X, Y, & Z".
Have a group of people dedicated to find projects for your developers so developers can be focused on their projects and not worry about what to do after the project ends. It will improve idle time and employee moral. If not that, then improve Professional Marketplace, the tool for finding projects. It should contain a comprehensive list of all projects and have accurate, up to date information.
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