Horrible management, top to bottom. It is not uncommon to find managers who ignore how our core products work at a high level and have no association between stakeholders and developers. How are you supposed to have a vision when you do not know our products and offerings? How are you supposed to manage a project if you do not know the end goal? How are you supposed to manage a team if you do not know the skills and challenges necessary to develop or improve such products? You can't, so in return you have a group of unqualified people trying to stay in their position through opportunism and political trash while the team pays for years of technical debt with no room for actual improvement.
There is a career path and necessary skills outlined in order to being promoted, the problem is that it is not actually honored. Again, it is not uncommon to find rackers performing at a greater level than what they are currently set, but at review time managers don't "feel" that you are qualified for a promotion, even though by all established metrics you actually are. I can only wish this rigorous system was also applied to management and project planning. My only advice here is to watch for organizations with 95+ percent of L1 and L2 developers, that means they either are not being honest in their career path offerings or they legitimately have no senior technical members to guide through their current projects, either way it is a disaster.
It seems to be the rackspace way to try to remedy all of the above is through re-organizations. Surely, if we stir the pot enough maybe our product, offering and projects will improve. Surprisingly it doesn't and that is how you end up having years of technical debt, re-organize and repeat.
Finally, there is not enough transparency when it comes to bonus adjustment and it certainly seems like an accounting black box in terms of the actual factors involved in determine it. You will hear the word "adjustment" without further explanation. Compensation of course is not competitive as others have mentioned.