Management in general is VERY inexperienced. Upper, Middle and lower management is composed of application engineers. Most of these guys aren't technically competent and have zero management skills. Not their fault, and a lot of them don't have much of a choice of where to go if they want to stay, but still very detrimental to the company morale. Project managers are also (mostly) clueless application engineers, and drive many good technical people away.
In practice, getting promoted is 100% up to your direct manager (as opposed to your good work). If he/she does not make a conscious effort to 'boost your image', you will never get noticed, no matter how good you are. Some very talented people have been around for almost 8 years and have not made 'senior' engineer. Because many young managers are usually way in over their heads, and too concerned with staying afloat, growing their employees is not near the top of their priorities.
Recognition for releasing products is usually short lived, and in the form a 'good job' and not much else, while marketing employees regularly receive cash bonuses.
The company has a growth goal of 20-40%, and that is the basis for calculating the bonus check at the end of the year. This is fine for a small company, but when your sales are almost $800M, 20% growth is *really* hard to achieve, never mind 40%. Every time there is a financial update it goes something like 'Well we only grew 13%.." or "We only grew 15%".
