Pros
While joining they possibly will get high raise but that has to do with the on hand work for which they are hiring and people who are here sitting here for years are not capable to take that up on their own.
Cons
No proper management & HR policy structure, you might have been said something about say variable pay & it might actually happen exactly the opposite & you do not get anything. New HR team is hellbent on implementing policies from major company that are perceived as not so employee friendly (like Variable payout not in total - 70% will be dependent on your billing keeping up at least 75% ) but overall the highlighting employee welfare policies are not to be expected. You would feel that you are in a training institute and not in an IT company. Major running projects in ERP are on 11i Management doesn't often consider candidates for opportunities who are better skilled/performing unless they are constantly meeting up asking for favors. Expect appraisals in variable pay & unworthy candidates who have been here for a long time to be pushed ahead based on their constant talk with the management