Pros

Promotions come from within the company
Lack of accountability makes job easier
Good emphasis on employee health

Cons

Compensation is a complete mess
Coordination of management is lacking
Lots of unnecessary expenses (that could be used to fix comp)
Have a hard time hanging onto good workers
No accountability or peer review
Very little documentation for key projects
Lack of documentation/ communication leads to redundancies

Advice to Senior Management

Think about how to cultivate your future leaders and keep them happy. Trim the fat in a lot of areas of redundancy or bad performance.