Pros

Definitely money. They are not high tech company, not having interesting product, work is pretty much reduced to mundane tasks month after month... so to keep people there, they pay well in engineering department.

Cons

There are no managers in eng department. Just technical leads and directors. Probably good way to save money for the company, however for employees it is not so great. Director never has enough time to do reviews well, does not provide guidance or satisfactory problem resolution if such arises inside a team.
Also in order to be considered valuable to the company one has to conform to all decisions of upper management even if they are bad. There is no space for creativity and invention, changes are not well seen.

Advice to Senior Management

Be more down to earth, talk to people who work for you, pay attention to details when doing reorg/layoffs.