Pros
Good pay, great vacation benefits. Health insurance was excellent at one time, but co-pays & deductibles were becoming quite expensive by the time I left. Pay is better than at most companies for comparable positions, but there is a pretty wide chasm of salaries between people at the same level. I found this out quite by accident during my HR days, because some managers don't lock up their files as they should. So, even though they have "salary plans" that are supposed to keep people of the same competency level & same job level at a similar pay scale, it can vary widely, and I suspect there is more management favoritism that goes into it than they would like to admit.
Cons
In addition to the health insurance co-pays & deductibles rising steeply as mentioned above, their 401K contributions were cut back to a lower % for newer employees as well. Also, their system of rating employees against one another blows - they even have forced ratings, so if they need one more person to fill in their quota of "not so stellar" employees, anyone can get stuck with a poor rating, whether it is deserved or not; this rating then affects your pay & possibly even your future with the company. It reminds me of the quotas you hear police officers have in giving out traffic tickets. I heard that at one time it was a company that really cared about their employees, but with all the recent divestitures (Folgers, Pharmaceuticals, Pringles), it's all about the bottom line. And the way they handle these divestitures is really shitty, in that employees are kept completely in the dark until the day they are told they're out the door. I realize that's the way in corporate America today, but in this regard, P&G is absolutely no better than the next guy. The other thing I witnessed in my 15+ years there is that managers who have a track record of being difficult to work for, or even blatently unfair & sometimes verbally abusive, do not get reprimanded or let go - they simply get moved to another division or even promoted. Lastly, I spoke with a former colleague recently & she now refers to her cube as "The Rubber Room", if that gives you any indication of the stress level there. They're constantly piling more & more work on people without promoting them. In fact, you have to LOOK for & ASK for a promotion - it isn't given to you as a reward for hard work & excellent results. Many non-management personnel must now do work that was once done by managers, but without management pay of course. One exception to their promotion policy that I'm aware of pertains to a group of hourly paid employees who traveled quite a bit, and they were made salaried, managerial employees so they wouldn't be eligible for overtime, yet they weren't given pay increases with this facade of a promotion.