Pros
It's flexible, people generally don't take themselves too seriously.
Cons
Compensation is significantly below industry standards, and opportunities for salary review are extremely limited. The bonus structure lacks transparency throughout the year, with little to no communication on performance or progress toward targets. In the weeks leading up to bonus distribution, employees are often led to believe that the company performance performance has been strong, only to be surprised when the final bonus reflects a very small fraction of the expected amount. This creates uncertainty and reduces trust in the process. Many employees are required to be on call, but the additional compensation for this responsibility is minimal and does not correspond to the level of commitment expected.