What are the pros and cons of starting a dual career ladder program at my company?

If you mean a technical career ladder and management/business career ladder, I think it would be beneficial for both the employees and the employer. However, be aware that many technical experts should stay on the technical ladder and not be allowed to move to the management ladder. Also, each ladder's rung needs to be similarly compensated. Top technical experts will be paid more than less experienced managers. Finally, the employer needs to decide which career ladder is best suited for each employee. Too many technically trained employees want to be managers and leaders but they have not the slightest idea if they would be good at doing the work of a managers. A talent assessment will help identify future successful managers and leaders.