In good times, when you like the core aspects of your job, you don’t really care about your “organizational culture”. You don’t care so much about how they treat you, about how they make you feel. All you care about is that you are enjoying your time there, that you think there’s some value that the job is adding to your life, and you are happy receiving your salary.
When your organization’s “culture” starts mattering is when things aren’t going all that well in your job. It’s when you stop liking the core aspects of your job, and start wondering why you’re doing what you’re doing. That’s the time when all the “cultural” and “feel good” things about your job that come to the fore. That’s the time when any problems that you have with the organizational culture get highlighted, and you start focusing more on that and less on your work (after all, you’re trying to think whether there’s a reason apart from your core work for you to stay in the job).
As an employer, the risk with not paying attention to your organization’s culture is that when one of your employees doesn’t feel that good about his/her job (and this is bound to happen; irrespective of how much one loves his job, one is bound to go through these cycles), if he realizes that he doesn’t like the culture of your organization, it is that much more easier for him to get extremely disgruntled, and think of deserting ship. By maintaining a great organizational culture, on the other hand, even when someone is going through the troughs (in terms of core work), there is value that they see in sticking on to job, and living to see another day in the job, when (hopefully) the cycle would’ve been reversed.
As a prospective employee, if you see a high degree of attrition in a prospective employer, think twice before joining even if the core nature of work really appeals to you. For, the attrition indicates something is possibly wrong with the culture of the place, and that sooner or later that is bound to bite you.