Pros
Takes an act of congress to get fired
Cons
No accountability. Hard work is not rewarded, just punished with more work. People fail upwards. If you aren't a brown-noser there is no upwards mobility and in the rare case of you being accepted for a higher rated position, inside or outside of your current department, they will start you off at either what you are currently making with a slight raise (if above the minimum for that pay-band) or at the bottom of the pay-band. So an individual who has spent years in the company and moved to a new department will almost always makes less than a person off the street that was hired with no prior experience in the company. To apply for a new position, your manager has to approve it. If that isn't bad enough, your current manager can add comments that aren't disclosed to you. In other words if you work hard, the manager has the ability to retain you while pushing an individual he/she doesn't want to keep. Incompetent and inconsistent leadership who will change at a drop of the hat without actually understanding what the change entails or how much time is needed to make the transition.