Talent management isn't a new concept to human resources leaders or to major companies, but it takes on new meaning and greater importance in volatile economic times. The definition of talent management varies among industries, companies, and even branches of the same business. That's generally smart because it means managers are molding the concept to fit their firm's needs. The best approach is to define it simply as the work businesses do to get the most out of their people, for the sake of their employees and the bottom line.