Check out this article by ASTD researcher Andrew Paradise on the ASTD website called, Talent Management Defined - which summarizes findings from a survey of professionals. Here's the bottom line:
Pretty good definition, I think. What do you think? It's a bit of OD-speak, but that is to be expected since it is not a term created by operational folks. I have a simple model I have been using to help organizations assess and align their TM system and this definition fits right in.