With talent management becoming an area of growing concern in the industry and literature, this paper seeks to investigate talent management practices and trends that are shaping successful business enterprises. A case study of  best practices in talent management is followed using personal interviews and archival data as shared by the organization. The case describes the talent management change initiative by a steel manufacturing firm. It discusses a newly implemented goal setting, performance management and employee development practices of the firm. The case analyses these initiatives, identifies the existing gaps in these systems and suggests a more integrated method for the same.