Pros
Smart people, solving real world problem, good work life balance Siemens (especially R&D divisions) is full of smart people who are top experts in their fields. For starters with engineering background it's a great place to learn technology and business. It also has a friendly company culture with nice and friendly people. If you are interested, you can learn a lot how big corporation function and pick up quite a few people skills. Work life balance is great. Very internationally diverse so you can meet people from all over the world.
Cons
Benefits, slow pace, processes Like most big corporations, there are too many management layers but it's been improving. Benefits is only OK and first-line engineers definitely deserves more. For the four years I've been here I've seen two major re-organizations. During each many people left for other places. Yet there didn't seem much change that address employee's concerns. Each year financial targets are cascaded all the way from CEO down to each employee and employee's voice has been hardly heard or cared about. There has been almost no support to guide personal career growth. Lately there's a lot of focus on processes and it's very distracting. Employees gets projects assigned and have to fill in time cards for every hour to record where they spent on each day. Managers will chase after you if anything has gone over the budget or slow - this is just plain wrong for R&D environment.