Final answer:
Staffing is the function involved in managing the planning, acquiring, deploying, and retention of employees in an organization, focusing on hiring practices and employee retention to maintain a stable workforce.
Step-by-step explanation:
Staffing is the function that involves planning, acquiring, deploying, and retaining employees to meet the organization's talent needs. This business function specializes and focuses on the retention of employees and hiring practices to ensure a balance between the number of hirings and firings relative to the organization's size.
Effective personnel selection is crucial, as companies often seek candidates who not only fit the organizational culture in terms of personality but may also require training if they lack certain skills. Furthermore, bureaucracies must make strategic investments in human capital, which does not end at hiring. It is a continuous process that involves training and development to maximize the return on investment in the workforce.
Recruiting and retaining younger generations, like millennials and Generation X employees, demands a different approach due to their varying expectations of loyalty and career progression. Meaningful work, frequent rewards, and personal growth through training are essential strategies for retention.