1) Talent management is about developing all employees, not just a select few. It involves identifying high potential individuals and helping them advance in their careers. 2) Implementing an effective talent management program can significantly increase a company's profits. A 10-point improvement in talent management practices could add $70-160 million to a Fortune 500 company's bottom line over 2-3 years. 3) Old talent management approaches had short-term focus and minimal performance management. New approaches make it difficult to enter the program but provide support, opportunities, and recognition to help participants succeed and be retained long-term.