Pros
flexible schedule. just get there by 9 am and work 8 hours. salaried people will of course be worked more, because they definitely still believe in getting more out of the salaried supervisors than what they commit to. Last years COL raise was actually in line with the federal COL inflation rate, so that's something to be proud of, even if it took years of 2% raises to get there.
Cons
Sorry, the pros section could have included this. Start treating your salaried managers the way salary is supposed to work. The biggest con is that for many years, production workers (highly skilled watchmakers) are expected just to give up their Saturday after a three-day weekend (federal holiday). Many people have brought up that "I would rather work on labor day, and have both weekend days off the following weekend, Why even have a three-day weekend if the next weekend is a "one-day weekend"? Seriously, other businesses absorb federal holidays. they just "work a little harder" for a few days to "catch up" to whatever imaginary goal "we've" set. You could change the goal to accommodate federal holidays without impinging on the worker's expectation of a three-day weekend. We have a job where the company sends out a list of holidays that we're closed for. For most of us at the repair center, we look at it as "next weekend is a one-day weekend." Most of us would rather work on the holiday, than lose a day from the next weekend.