Life cycle (or stage) models were developed to study organizational growth. The primary objective of applying such models is to determine the relevant outcomes (e.g. management, HR, etc.) for the different stages of organizational growth on the basis of contributing factors. The authors research, conducted in 2007, sought to discover how companies (subsidiaries of multinational companies as well as indigenous Hungarian small-, medium-, and large-sized enterprises) have adapted to the accelerating changes in the economy over recent years, and what kinds of change might be expected in the employment and personnel management practices of these organizations at specific stages of the life cycle models. This paper presents the theoretical background and empirical findings of this research