Corporate Cultures and Their Impact on Recruitment and Retention Essay

Corporate Cultures and Their Impact on Recruitment and Retention - Essay Example The study suggests that global companies are realizing the importance and need to invest in the human ‘capital’. They can no longer take people for granted and sit back. Global economy is expanding, business opportunities growing but the available workforce steadily reducing. A culturally strong organization succeeds in attracting and retaining the top talent and can expect to climb the ladder of success. By the close of the twentieth century, business houses came to accept that people, not cash, buildings, or equipments differentiate one company from another. Corporate culture is moving into the limelight and proving to be an untapped asset for employees and businesses alike. Researches have shown that at the time of economic turndown the companies having strong and adaptive cultures are better able to handle the financial crisis than those with weak and poorly defined cultures. The right combination of people and culture can mean the difference between the financial su ccess and failure. As technology advances corporate culture will assume an even bigger role especially in the IT sector as competition increases. Organizations today recognize the need to attract the right brains to thrive in the competitive market and retain the employees. The norms of an organization are transmitted from generation to generation and are responsible for its financial success, which is the ultimate goal of any business organization. Understanding and assessing the company culture at every stage is vital.