Massive org changes several times a year (for as many years as I can remember) with little transparency into decision-making, makes longer-term strategy nearly impossible. Achieving any kind of stability or good operational standards feels like a promise that's never kept. What can be optimized that does not last? Over time one may begin to suspect best practices and processes aren't a serious goal as the company is consistently growing by acquisition and refusing to properly resource critical parts of the organization that cannot properly scale.
As a people leader it becomes harder and harder to motivate your directs. Your most talent directs become demoralized or recognize the dysfunction and leave. The lifers survive because they get shuffled around the organization and too often lack expertise in their roles. This further reduces your effective headcount as a manager. So frustrating.