Management makes too many decisions in a vacuum that have far-reaching impact. Folks on-the-ground bringing in the coin are at the mercy of the Managing Director overseeing the project. At-a-whim you can be ripped from a project with zero warning. Horrible continuity when there is project turnover which leaves the people left behind at a severe disadvantage. When projects go off-the-rails (happens way too often) the almighty dollar wins in nearly every case. This is not the way to build/maintain a culture and values.
Oh, and you can kiss your bonus goodbye unless you are nearly 100% utilized that year-end payout will not be the nice surprise you expect.