If employees enjoy their work, see the purpose, or their work helps them achieve their professional goals, then they will be more motivated. The culture of a company can help influence these three things to create motivation. Think back to a time where you had to do something that you did not enjoy - maybe it was a task at work or maybe it was having to clean your room as a kid. Since you were doing something that was not enjoyable, you were not motivated. The same thing happens at work. If employees are motivated, then they are more than likely to go the extra mile when working, which will generate positive outcomes for the company and attract new employees.
Having a good work culture can help attract new talent. The resources we have today make it very easy to find out the work environment of companies. If your employees are happy and enjoy coming into work every day, then they are more likely to let others know so they apply. The same thing goes for if employees do not like working for your company. You probably had a job at some point that you enjoyed and told people how nice of a place it was to work for. By spreading that information, new people hear about it and might apply or tell someone they know that is looking for a job. Although a good salary and benefits are very important, new hires are also looking for a good working environment.
No matter how smart you are, your best work will be completed when working in an environment that values its employees and encourages one another. The last thing a company wants to do is look for new employees every couple of months because of the bad culture. That wastes time and can hold other employees back as well because they need to train new hires. Not only are your employees impacted by the culture, your customers and investors are as well. The right culture can positively impact both the company and employees. Try investing in your culture and see how well it can help.