The downside is as follows:
1. Poor management. Most of management focuses only on delivery and are not interested in employee development. Anything that is not related to the deadline around the corner is irrelevant and harms delivery. Though it is vital to focus on delivery, managment doesn't recognise the importance of long term growth and totally lack a vision. Management would love to claim that their teams achieved tonnes of things but only the team members know how much they had to suffer for that. Managers prefer all of the non-delivery stuff to be done in employee's personal time.
2. Very stingy. IBM is extremely stingy as far as benefits and other facilities are concerned. Even if someone has come up with a wonderful paper and wish to present it elsewhere, they will whine and cite budget constraints thereby discouraging employees. They will pack people in the minimal quality hotel and not pay much per diem for trips abroad. They make every rupee coming out seem like it has been begged for. Anything which is not for delivery has to be paid out of employee's pockets.
3. Process. IBM only believes in process and in that process they make everything so circuitous that employee would rather suffer in silence than make use of the facilities (which are genuinely inaccessible). Simplest example would be the leave processing system. One needs to raise a request in a database which goes off to some other country and a few days later a form arrives (if at all) which needs to be filled and submitted to the manager. He will then approve it and finally you have your leave granted. In countries like India and China, procuring anything is a nightmare as the number of forms to be filled and the number of people who have to say "yes" keeps growing.
4. A lot is only on paper. This is actually a mix of management and process issues. A lot of the so-called facilities are only available on paper. If one tries to realise them, then they are made so difficult to achieve that one loses motivation pretty much immediately.
5. Hiring. IBM focuses a lot on simply meeting headcounts (number of employees are refered to as headcount). They do not even care to ensure that a particular person is good enough or not and whether it makes sense to have in a good team where the team dynamics can get affected.
6. Mindset. IBM still ives in the mainframe mindset. They only know how to make things utterly complicated and messy. Nothing is simple at IBM. Even the tools and software that we are forced to use are arduous and unimaginably stupid. All of us keep wondering who designed them. Many sotware engineers would raise objections which will be dissolved in the numerous process and higher management decisions. Eventually everyone starts thinking along these complicated lines. They can make anything messy. Even when they adopt something from the global software community, they have to change it to suit IBM's god-knows-what-policy and then what comes out is an extremely messy and convoluted approach to the same thing.