Unstable working environment; layoffs large and small having been occurring yearly, or more, for the last 4-5 years.
Benefits get worse every year, the medical coverage stinks.
Open office working environment; this may be fun for some but it's extremely difficult to concentrate or hear yourself think in the middle of a pit of people. The guise of collaboration is just a cover for the fact it's cheaper and allows you to shove more people into one space than traditional cubes.
Inefficient Systems; the business has historically made countless poor system choices, resulting in the implementation of new ones every couple of years requiring re-training, migrations and some chaos. There seems to be no understanding (or perhaps consideration) of the big picture of who and how systems get used throughout the business - from sales to operational fulfillment, to customer support, etc. Unfortunately the result is everyones jobs become more difficult and our ability to provide great service to our customers is compromised.
Frequently brings back failed projects only to have them fail all over again whenever management changes, instead of learning and tacking problems creatively.