It's way too subjective, and based on a strange criterion - whether the rest of the team "likes" the applicant. This pretty much ensures that new perspectives never come in at all. Very dangerous.
Hate to say this, but switching out the legacy leadership would be a good start. They're way too entrenched and act like royalty. They definitely know more, but they've become complacent and they don't appreciate questions.
Being paid on par with my peers would be a good start. Also, our bonuses have so many riders that we have no realistic chance of ever getting them regardless of how well the company does.
Communication - particularly, translating high-level spiel into operational language and giving clear guidance on how we can participate. We're constantly encouraged to collaborate but in practice you can't get involved in a project unless you know someone who knows someone...
Leadership says they encourage candid feedback, but their actions are often retaliatory. We don't see any evidence they have taken our input seriously but they constantly remind us that we didn't cheer for them. Nobody speaks up, there's no point.
Let people get involved - people want to contribute, but don't always have the informal network to do so. Stop being so HQ-centric. There is talent all over the world. Bridge the gap between leader jargon and tactics. Communicate more, listen more.