Pros
The bad management brings people together for a while, just like a common enemy does.
Cons
One of the main books for business strategy is "Art of War" and one of the main concepts is that good leadership and taking care of the soldiers wins wars. This company promotes based on loyalty or seniority and, mainly, based on who accepts the lowest salary. Needless to say, main management is inadequate because if the managers are promoted on loyalty, they are not good managers and if they are promoted on merit they leave soon because they always get better paid elsewhere. It was not once that many and I in particular were sabotaged by direct managers in order for managers to not have their position threatened, thus hurting the company with their actions (Narcissistic personalities will always care only for themselves). It goes without saying that, this sort of behaviors leads to sub-mediocre performance resulting in bad productivity. How could one sell a high-end / quite expensive service when people interested in buying see unprofessional and sub mediocre performances almost anywhere they look.