H1B Visa and i94 is expiring soon. What is the next step


I entered US yesterday for the first time with a H1B visa that is about expire ( 1 Oct 2014). At point of Entry i have recieved an i94 which is valid only upto the H1B Expiry date ( i.e. 1 October 2014).  So sadly I have only 2 months left. 

	So what should I do next ? 

	What are the things my employer should do ? 

	Do i need to extend both visa and i94 together ?

	Can I stay until the decisions has been taken on the approval ?

Thanks for your answers