I worked at Microsoft full-time (More than 10 years)
Microsoft is a company that takes on numerous big challenges. If you are highly motivated and like the big spotlight this is a great company. Microsoft also has extremely diverse employment opportunities. Movement to different positions seems to be encouraged, which is great because if you desire a career change, you can likely find it within Microsoft.
Management is often out of touch and tends to make poor decisions as a result. Microsoft is a large company and there are organizations within that suffer from poor morale due to bad management.
For Techies, there is a constant flow of detailed technical information that feeds the hunger. Jobs that require technical skills are fun, rewarding and mostly insulated from the politics that rein today.
Working in management is like babysitting 5-year olds, and reporting to a 7 year old. The decision making process completely ignores the employees in the trenches and dissuades innovative thinking. It was not always like this, but since most managers at MSFT have been there for less than 10 years they don't understand employees who have been there longer than 10 years and are weeding them out.
Advice to Management
Stop weeding out the employees who have been there for more than 10 years, they have the tribal knowledge you need to retain. Please get back to the innovative roots and truely empower the employees as it was in the years when Bill ran the business.
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