Extremely weak management. There is no career path or sense of an Individual Development Plan. You do well here if you are in the "click", basically those that attend all of the Happy Hours, if not, then you can rest assured that you are 100% expendable. The company has learned over the last few years that with poor management means you have weak managers who do not know how to develop their staff. To adapt to this self creation problem, the company has moved into multiple times a year restructuring, which allows them to lay off people instead of working through any process. NOTE: if you are here are going to work here, keep you head down and don't get in the crosshairs of any of the favorites. If you don't know who they are then you certainly are not one of them.
The management, and about 60% of the employees are stagnant and do not want change at all. They believe "if it isn't broken, then let's not fix it". Instead, they should be asking "what can we do better and be more efficient in".