Pros
The company image and branding -" The Largest Software Company in Asia". The brand image allures freshers to join the company in the early stages of their career. It's a good launching pad for youngsters fresh out of college to understand how the IT industry operates. A good place to learn new technology, new business areas.
Cons
The Management could have been better - The promotion system is flawed. People wait endless months to get a promotion although the work they are doing deserves them to be in a promoted rank long back. In fact, you will find a lot of people working in a grade which is NOT APPROPRIATE for the nature of work they are doing. The variable pay system is also flawed to an extent, although measures are being adopted to make it more open and transparent. I don't find it surprising that good and talented people leave TCS simply because they were not getting a good variable pay (because their appraisal ranking was low) for a considerable length of time. There is no direct connection between a person's true capability and the ranking (leads to variable pay package) he gets. Thankfully, towards my last months in TCS, I saw management taken steps to make the appraisal process more open and effective for the employees.