As employers try to figure out how best to recruit and retain the best employees, a CultureIQ/HR.com study finds many believe the answer lies in the company's culture.

According to "Employee Culture: A Closer Look — HR.com Insights," 73 percent of respondents believe a great corporate culture gives their organizations a competitive edge, resulting in higher employee engagement and a stronger brand. But, interestingly, less than half — just 40 percent — of executive respondents rate their own culture as "above average," while 33 percent weigh in at "average" and 27 percent admit to "below average."

In addition, a little more than half of respondents — 52 percent — cite management buy-in, or the lack thereof, as the biggest barrier to strengthening culture, while 45 percent say there aren't enough resources to do so. Twenty-one percent blame employee participation (or again, perhaps, the lack thereof).