Like many others here have stated, compensation is below average. Despite this, they don't seem to have a problem with retention although that could change once the economy recovers.
Management (senior and middle) are generally poor. Short sighted focus on near term objectives. As the economy soured, they seem to take so long to realize that they need to change their strategy and when they do, still didn't understand the real underlying problem.
Middle management just passes the buck. Just take orders from the top and pass it down where the people at the bottom do the work.
Keep adding new layers of "process" that have no real world practical application nor make the company more nimble. Instead, just adds more bureaucracy and process for the sake of adding process.
Systems in place are archaic or just plain useless.
They try to act like a "big" company with all the usual systems and process to supposedly improve efficiency but just end up making it more difficult to get the job done.
Invest in the wrong things when there are things to invest in that will generate more returns and enhance productivity.
Silos in the business and turf wars. All the business units are their own little kingdoms that don't want to play with anyone else.
Opportunities for training and development almost non-existent.