It could be worse, but it could always be better
Pros
FedEx has the ability to pull up its bootstraps when times get difficult. I have seen management continually cut costs, thus ensuring the workforce is spared from layoffs. In a time when job security is somewhat scarce, FedEx has continually offered its workforce a safe haven as long as packages keep shipping. I believe this is a testament to the overall management by our founder Fred Smith. As long as he is around, I really do believe the employees will be thought about before drastic cuts are made.
Cons
There are a lot of "old guard" employees left at FedEx. The same benefit that FedEx has in providing a safe haven for its employees, also leads to a bit of a downfall in unqualified workers. In the IT arena where I work, there are many folks still on the job, whether having moved to a new department or not, whose time had come many years ago. Unfortunately, it seems neither they nor management has seen it that way. It leads to discourse in some of the younger and hungrier employees who share the same titles as the older ones, but end up performing most of the work. These "old-timers", whose vacation times now exceed 5 weeks in some cases, come and go as they please, and are allowed to reap the same benefits and titles as those of us with much more aptitude for the job. This can be very discouraging and cause a lot of qualified folks to turn away from working at FedEx.