Well, where I work the management are inefficient, and don't really know how the company (in terms of the staff) work with one another and get things done. Projects are sat on for days and then presented with confusing briefs and impossible deadlines, and decisions are not left to the people employed to make those decisions, instead the same directors change things to their own personal view every time. Some days you might sit around for hours doing nothing and then a director comes in 5 minutes before close and says they need something doing urgently (it's always urgent) so you have to stay over an hour or two (unpaid) to do it. I work long hours, some months it's non-stop 'doing' - other times there's a lot of sitting about - but either way I'm at work, not with my family or anywhere I'd want to be and any inactivity is largely due to a lack of communication company-wide. The people I work with are great, so there are definite plus-sides but these have nothing to do with what the directors have put in place. If you do good for a sustained period you get a 'management' role which is impotent and just a title.
I'm sure some employees do 'screw around' but so do some managers - even if that just means a two-hour lunch break or unecessarily long schmoozy phone calls