Pay bands are benchmarked poorly and do not consider inflation. Existing employees won’t automatically get moved to the same position within the new range, so you effectively get a decrease in salary when the new market adjusted ranges are released. There isn’t enough budget for salary adjustments for everyone when pay calibration comes around, so leads then receive salary related negativity from their reports.
Health benefits are also poor for a tech company, and the policy also restricts employees to a reduced panel of specialists.