What is the concept of employee retention in HRM?

The concept of employee retention in Human Resource Management (HRM) primarily focuses on implementing strategies aimed at retaining talented employees within an organization. This involves a range of practices designed to create a work environment that engages and satisfies employees, thus motivating them to stay with the organization. The objective is to reduce turnover rates and ensure that skilled and effective employees continue to contribute to the company's success.

Strategies for retention might include career development opportunities, competitive compensation packages, employee recognition programs, and a positive organizational culture. By focusing on retaining top talent, organizations can enhance their overall performance and competitiveness in the market.

The other options fail to capture the essence of employee retention. Keeping all employees regardless of performance overlooks the importance of having a capable workforce. Offering higher salaries to all employees does not necessarily lead to retention if other factors like job satisfaction and work environment are not addressed. Encouraging employee turnover for fresh ideas contradicts the aim of retention by actively promoting staff changes rather than maintaining a stable and experienced workforce.