Pros
Support of immediate management and coworkers makes coming to work every day a pleasure.
Cons
Where to start...
First, the employee performance evaluation process and methodology has changed from 1) performance vs your job description to 2) OKRs which were completely unattainable and meaningless at every level to 3) rocks and outcomes which again have very little to do with the day to day jobs of most employees. It seems the burden for goals and objectives and performance management has shifted from management to employees as they try to define a methodology that holds only doers responsible for the company's success. All this since Amit Sevak took over.
Management manipulated the questions in a recent employee survey to force responses that made it look like there was improvement year over year. Of course, when you add a new President between the employees and the CEO peoples opinion of senior management is improved. Of course when you shift the focus to immediate management from senior management, the responses will be improved. Try issuing the exact same survey as the prior year and see how much "real" improvement there was in the numbers.