Talent is the critical success factor to any organization. Talent pool management is the most challenging area to any organization. The challenge of finding, attracting, developing and retaining the right talent is taking up a major part of management and once the right talent is found the next demanding job is to retain that talent. Retaining employees involves understanding the intrinsic motivators of them which many organizations unable to identify. The reason is Individuals differ greatly in this regard. A company should exert some effort and undertake some analyses to determine the non-monetary interests and preferences of its key employees, and then attempt to meet these preferences in action. In this context organizations need to dig novel approaches to retain the most effective manpower. Looking carefully into many organizations - retention strategies are very competitive. Companies try to provide their best to retain the employees of their competitors. In this conceptual paper the author has attempted to bring out employee retention approaches, strategies for knowledge workforce, for achieving competitive advantage.