Employee retention involves strategies employed by organizations to encourage employees to remain with the company. It is beneficial for both the organization and employees. Key factors that influence retention are compensation, relationships, work environment, growth opportunities, and support. Common retention strategies used by employers include hiring the right people, empowering employees, showing appreciation, providing feedback, and creating a healthy work environment. Maintaining low turnover is important as it reduces costs and prevents loss of talent, knowledge, and goodwill.