Prós
To be honest, there are no pros. I think the CEO has some issues. He can't really trust or judge people that well and is still following the traditional methods of employment by considering the employees as slaves. He needs to wake up and see the 21st century SMEs that are operating way better than RNCOS has in two decades.
Contras
Zero growth, negative learning (can turn out to be a horrible experience with the Freshers and they might be traumatized by taking up the job in RNCOS as it might be difficult for them to invest their time, money, and most of all first year of employment to gain less or no skill at all), time loss, energy loss. You might be the new dum-dum in town should you waste even a month there. So pls be smart and look for an actual research and consulting firm rather than being here. It might take some time to get a better job but at least you would save your self the horror