Personnel management is important to the mission of federal agencies. Several high-profile enforcement failures have raised concerns about the Securities and Exchange Commission's (SEC's) personnel management. This report examines (1) SEC's organizational culture and (2) its personnel management challenges and efforts to address these challenges. Based on analysis of views from SEC employees and previous studies from GAO, SEC, and third parties, the report determined that SEC's organizational culture is not constructive and could hinder its ability to effectively fulfill its mission. Organizations with constructive cultures are more effective and employees also exhibit a stronger commitment to mission focus. Many current and former SEC employees cited low morale, distrust of management, and the compartmentalized, hierarchical, and risk-averse nature of the organization. Tables and figures.