A medium-sized company being run like a start-up. The management are not experienced in running a product company, so customers are never told "no". Any customer asks are just done, which means constant firefighting, adding technical debt, and working evenings and weekends. The management have been saying "it's going to change soon" for at least 3 years (I'm told longer).
There's no proper system for deciding on pay, bonuses or career progression. It's all done on a "discretionary" basis, which means at the whim of the management. The ones who do well and get promoted are those who have worked with the management before.
The strategy changes a lot, and its usually ignored anyway because everyone is working on whatever the latest customer ask is.