Pros

You get your own office, the hours are fairly flexible, friendly staff. You do get a formal yearly review and a less formal review at the 6 month point.
There are attempts made to understand each department and the inner-workings.
The senior level people are very personable and a pleasure to work for.

Cons

There seems to be a lack of communication across all fronts which leads to confusion, finger pointing, and errors
Is not paying employees salaries or wages competitively, a lot of good people leave because of this. The volume of work vs. salary/wage is very unbalanced.
Can be a stifling company that is afraid of fresh blood, change, or taking risks. Not for those who want to make their mark.
There always seems to be discrepancies with the numbers and mistakes are made that can greatly affect your ability to do your job.

Advice to Senior Management

Know your market and know the value of the work that's been assigned. Create a more diverse and flexible structure that allows for movement. To know you have reached the absolute highest you can go just means you'll leave to find something better.
Open the lines of communication, being a spin doctor may work with clients and the naive but the rest of us see through it and feel talked down to. While there will always be confidential information, every employee deserves to know the facts about the company.