The article examines key problems and trends in functioning of talent management systems in the modern business environment. The authors give a brief history of the emergence of talent management as a personnel technology, a brief review of literature on the subject, investigate the main characteristics of a talented employee. In addition, the article presents the author’s research, the purpose of which was to identify the most pronounced talents among young people, as well as to study the necessary directions in the development of talents, according to young people. The study was attended by 350 students, including already working undergraduate students who are employees of Russian companies. As a result, it was revealed that the today’s youth often discover their talents in the field of sports, public speaking, learning foreign languages, entrepreneurship, etc. The main directions of modern young people’s talent development are the following: organizing scientific and creative activities for young people; participating in international intellectual, creative and sports competitions; creating conditions for training of young employees, etc. The authors note that the process of the talent development and management should be systematic and based on “school – university – employment – training” continuity.