Employee skills and accomplishments are not valued by the company.
It's nearly impossible to accomplish anything.
Upper management is incapable of making a decision and seeing it through to completion.
The people who actually get to make decisions are typically hilariously underinformed about the subject they're talking about.
There are too many people in senior positions who are completely unsuited for their jobs. They just happened to be hired at the company when it was still small and got promoted as the company grew.
Too many people are hired solely because they have PhD's even though they have no skills or experience relevant to their job.
The employee turn over is so high that it creates a depressing work environment.