Disclaimer: It seemed like this was particularly nature of the search unit so may not apply to the rest of the tech org.
1. Directionless middle management that has no clue about people management and act like all the engineers are replaceable. It seems that senior leadership's principles are completely lost around the VP level. All that the CEO works for is negated by the management's actions.
2. Everyone's running; no one knows where to. Everyone's under pressure to deliver but people/projects are shuffled so often that nothing of value seems to come. Imagine hiring the best people then not listening to them and killing their creativity while running towards a meaningless measure.
3. They haven't figured out how to separate out research and innovation from sustainability and feature development. There is a constant struggle to get anything released.
4. Limited career growth - You have to threaten them to leave to get a promotion. A company that promotes when prompted can never gain the loyalty of their employees.
5. Managers, PO, PMs are puppets. They are all stepping on each other's toes. No one has any authority really and so every is just scared to act their role.