Too many regime changes, too much "transformation"...every 6 months to 1 year, we get the rug pulled out from under us, and are expected to buy in to whatever senior management is selling at the time. Senior management have a very poor sense of how their actions impacts the people on the front lines, and how terrible morale negatively impacts the bottom line they care so much about.
Pay for technical jobs is subpar and too dependent on how well you market yourself, not what you actually produce. No career growth for senior developers / technologists, except on a managerial path.
On an HR note, the stacked ranking that was put in place in the last couple years was a terrible idea. The questions that it forces front line managers to ask are valuable, but the policy itself encourages cutthroat behavior, not collaboration. Did they not learn from other companies that tried this method and suffered for it?
Onboarding of technical staff is not handled well. No training. It is very much up to the front line managers, some of whom have too many direct reports to be effective.
Terminations / departures are also not handled well. Poor communication from upper-mid / senior management, who seem to have no clue that withholding information only blindsides the people on the front lines, those whose livelihoods are most impacted by such changes, and it breeds resentment and distrust.