Pros
The policy/protocol will either save you or hurt you, but it will most likely be more of a help than a nuisance. There is pretty rigid policy in place and this allows for a more unbiased approach to grading performance and behavior. If you only plan on remaining in the entry level ranks while employed with this company then you should find this type of policy as an advantage. As long as your managers aren't too hardheaded, you'll find they will do whatever is necessary to protect themselves from employees lashing out because of perceived unfair or biased treatment, which is benefit to the employee. The HR department and GM will at least listen to suggestions and/or concerns. Whether they take action is a whole other story.
Cons
You may be in the same pay grade as the rest of the stockroom associates but certain hourly employees will shoulder more burden than others. This is very bad for morale. Pay for performance and responsibilities. Negative reinforcement! This just doesn't work anymore - Get with the times! Still seems like there's an old school culture - not that progressive of a company beyond some of the advertisements. Status quo seems to rule in the end. Cliques within the management. It's tough to feel noticed or appreciated if you're not "fitting in" with that type of culture. Sort of the 'Good ol' boy' mentality. It's hard to ignore the notion that bias plays a role in advancement when you take this into consideration. Let's be honest, don't you want to be comfortable around your colleagues? The flipside to the comment made about policy protecting the employee is when one of your peers uses this against you in the form of harassment or the like. Remember, management are looking out for themselves first. That's just life. Forget being able to defend yourself if this happens.