Talent management has become a buzz word in today’s corporate HR agenda. In an organization every individual is important as they contribute towards achieving the business goals through their talent. Each organization requires the best of talent to persist and endure ahead in competition. Talent is the utmost significant factor that motivations & drives an organization and takes it to the next level of growth & development. Talent contributes a great to the performance of the organization and its management has direct impact on organizational excellence, and therefore, cannot be compromised at all. To identify, develop, reward, and retain talented and potential employees is a human resource strategy that builds the whole talent management process within an organizations. Talent management comprises of a series of cohesive systems of recruiting, retaining people with desired skills and aptitude, maximizing employee potential, performance management, managing their strengths and developing them. Talenet managmenet is imperative for any organisation because it is required to develop leaders for tomorrow from within an organization, to compete effectively in a complex and dynamic environment to achieve sustainable growth, to empower employees by cut down on high turnover ratesand by reducing the cost of constantly hiring new people, to maximize employee performance as a unique source of competitive advantage, etc. The purpose of this paper is to examine the role of talent, talent management strategies and its impact on performance of employees as well as on organizational outcome & excellence. By reviewing the qualitative and quantitative research papers the study has been conducted. This study empirically examines the extent to which Talent Management, Performance, Work Life Balance and Organizational effectiveness are correlated and its impact on organizational excellence. The proposed model and theory have been tested by taking BPO industry and Retail industry.