The company seems to have some serious issues with its management. Basically, the managers don't really know what they're doing and they couldn't care less about the employees. It's all about who you know and unfortunately your background rather than how hard you work. Also high redundancy rate suggests systemic issues within the organization.
Despite the talent and potential within the engineering team, the prevailing problems such as discrimination, high redundancy rates, and long, unproductive meetings have evidently taken a toll on employee satisfaction.