Pros
Increment is better than service orgs, however Manager remembers his own salary at your experience level before giving appraisals. Workload is worse than service orgs for top performers. For low performers, nominating the manager for awards is enough, no need to deliver- on what basis do I nominate a manager for award, who openly practises regionalism,does not want hard-working subordinates to attend skip-level meetings,who fires top-performer for non-performance based on feedback from non-coder direct competitors(for whom manager asks you to help to get them out of non-coder list openly in teams group chat) and contractors(whose real performance you exposed) and then wants to know if they have any offers in hand during notice period?
Cons
Working for the organisation is punished here, only working for manager is rewarded. People with connections are promoted faster than top contributors. 80-20 rule- huge pay disparity for real contributors