Pros
As an exempt employee, the environment is clean and safe. Management is fair and benefits are good. Start with two weeks of vacation, and earn an additional week at 5, 10 and 20 years. Tuition reimbursement is still a great perk. Professional and personal development is encouraged. Work/life balance is appreciated in most departments. Your job is not guaranteed, but it is very stable. I believe I would have a job as long as I wanted if I continued to perform at a "satisfactory" level. "Satisfactory" is not difficult to achieve. Hard work and results are recognized, but not as much as they should be at times. Senior management seems to be grounded, well-intentioned, and competent. Employees are surveyed every year with respect to the entire management chain and organization. It's not a perfect survey, but it allows employees to communicate to upper management in a way that few companies of this size can boast.
Cons
Pay, for comparable corporate-level positions at other companies, is a little behind in my opinion, and raises have been non-existent throughout the economic downturn. I understand this is more a function of the economy rather than regular business practices, but as a young professional with a recently completed MBA, it is discouraging to have to take a 5% pay cut, see raises and bonuses stop altogether for the last two years, and not have any real opportunity for advancement. Even in good times, annual increases barely rival inflation, and "promotional" increases are capped. Promotions are not given by merit. You have to interview for open positions along with all other internal candidates. Can become a bit of a political game. Also, many of the perks that made working at FedEx special (personal jumpseat privileges, discounted retail gift cards, pension, etc.) have been watered down or discontinued altogether.