Lack of employee morale. You're seen as someone who's lucky to here, not as someone who's valued for making a difference. A "jeans" day costs NOTHING and is basically taboo here.
Lack of communication company-wide. People come and go so often, you have no idea who's visiting and who's a new employee since most are not announced until they're here for weeks and some are gone for weeks before employees are notified, if they're notified at all.
No salary increases in YEARS. Sometimes bonuses and 401K matches are given...equally. This gives the employees the impression that there is no reason to work harder than the laziest person since we all come out the same in the end.
Advice/attitude from HR/upper management is "if you don't like it here, go somewhere else" rather than trying to improve current situations.
You never know when you're next on the chopping block, so most are in fear of losing their jobs every day.
I could keep going, but you get the idea.