Dear Ankur,
There are many ways to retain the talent. One of the best way of retention is to keep employees happy. If employees think that they are very well taken care off, they will not leave the organisation. You can get many tips for employee engagement activity if you will google. One of the retention method is to have retention bonus, R&R, team games, etc.
Attracting talent would depend on your work profile, payout and additional facilities that you are giving. Now-a-days employees not only see the salary that they will be getting, but see other benefits that the company can give them. These benefits may necessarily not be monitory.
A direct or indirect cost is involved in all the aspects that you. You will need to plan the strategy, figure out the cost implementation and check cost vs benefit ratio and then take decision.