The present paper is about talent management. Talent management is about getting the organisation to its destination – today, and tomorrow.  Talent Management is not something that happens by itself. It requires consistent and focused efforts in three areas like understand what your HR can do, deploy them better today and ensure they can do better tomorrow. The paper further discusses the importance of the role of talent management in the present global scenario. Companies can be benefited from developing and retaining the workforce they have and individuals can be benefited from a company that encourages and develops them to meet their aspirations. A Performance Management System is vital to achieving the goals of both the company and the individuals. Organizations can save hundreds of thousands of dollars by not only retaining the talent that are already working for the company, but increasing performance of the same individuals by working with them and initiating a performance management system. Initiating a talent management plan can also be used to attract the types of employees that you want to join your organization. Paper also deals with various opportunities that talent management offered before economic turndown and after economic turndown. Talent management have opportunities and challenges related to various issues like recruiting talent ,training and developing talent, retaining talent, developing leadership talent and creating talented ethical culture. The paper concludes with discussing the strategic importance of talent management.

Keywords: Retaining Talent, Competency, Employee Development, Leadership, Work Culture.