Nothing ever happens, no matter how small, without the approval of the company's President. This slows down everything from design to purchasing and production.
There is no job security. I was only there for 7 months but I saw 5 people come and go from a Mechanical Engineering team of 6 people. Additionally, one of my close co-workers was going to have a baby and e-mailed a manager to let them know that he might have to take some time off in the weeks ahead. A week later, he found a job posting for his specific position (only one in the company) and a week from then he was fired. Obviously, they didn't use the real reason for letting him go but any sensible adult could put two and two together.
Finally, due to many factors, the company is always at least a week behind schedule. With the President constantly yelling a employees to remind them. This atmosphere pushes for short-cut taking and unethical decisions. Everyone is aware of it and wants it to change but nothing will ever change under the current President.