Pros
The work-life balance in this company is pretty good. If you don't want to go the extra mile, you don't have to. All you have to do is put in your 40 hours and go home. If you have an issue and you can bring it up to higher management, there is a good chance that it will get fixed (assuming that this is an issue that many have). Also, it is not hard to find friendly co-workers. The benefits are "good" if you compare them to other companies. Also, very important. CPS does not fire people. You can be the most incompetent and still keep your job. The only way to get fired is by breaking policy.
Cons
Salary: This is something very very political. Managers are expected to try to keep your salary low, so you almost have to fight them to get a good raise. Also, the average increase is about 3 - 4% if you are a hard worker, so don't expect to become rich by working for CPS. Managers are not the brightest. The reason why many engineers become managers is because they will make more, so don't expect much from your boss. A lot of these managers get this job by becoming friends with the higher ups, and they know nothing about engineering. In CPS, if you know how to deal with people you can move up, without knowing anything significant. It almost seems that it's a requirement to be incompetent to become a manager. The benefits are ok. Again, it depends what you compare them too. If you compare them to a company that offers close to no benefits then yeah, of course this will be great. However, if you compare them to other private companies in the same industry (oil, chemical, vendors, etc) then the benefits are not that great. CPS is very political, as I mentioned above. A lot of the changes are driven by the "public perception". One example, the bonus (EIP). Our fabulous CEO decided to tell the public that he would reduce the EIP, so he slashed it, with the exception that he kept it for all executives. So be ready to play the political game. Many decisions are driven by what people think, and not what really matters. Innovation and career progression. CPS does not like to be "top of the line". So if you are very motivated and like to implement the latest technology with efficiency, then CPS is not for you. The real slogans are "if it's not broken, don't fix it", and "we have always done it this way". They have some policies that make no sense, like the driving policy. If you get a ticket or some traffic violation, you have to report it. If you don't, they fire you. And once you get the ticket then there goes your chance of being rated "top performer" for that year. Engineers have started to leave the company because they find better opportunities. So this company is ok, but there are better jobs out there if you don't mind relocating.