Unable to compete for top (or even mid-range) talent
Pros
Peer level of skills are low, so a safe refuge or a good learning environment for someone new to IT. No deliver or be terminated culture. Free Coffee and a bag of coffee every week. Reasonable benefits. Matching funds. Stock Grants and Options. This is not a new product or startup culture - but classic corporate IT. Follow agile and sprints in a manner (often with more meetings than I have traditionally seen)
Cons
Salary below market. I was promised promotion to better pay scale -- never happened. A lot of dev managers are people that went to management to escape from coding - as a result, they are full of themselves, overrate their computer skills, and often given poor direction. Over last 5 years, there has been a steady outflow of the developers with skills and drive and a continuous dropping of median skill levels. In the last year, all of the managers up to 3 levels above me have left. so expect manager-Russian roulette.