The purpose of this paper is to understand the new role of talent management as a part of the Human resources function during recessionary times and to define the tools and techniques that can help the company in this scenario. The aim is to understand the impact of Talent Management as a new focus in the HR function to counter the challenges of economic downturn. Also, the role of the supporting technologies is discussed, which not only integrates but also helps align the goals of HR as a strategic partner to Business strategy. As a part of an organization, the role of the HR is no longer confined to payroll, benefits, relocation, record keeping, and auditing. With new datacollection and analysis tools, the HR function can demonstrate the importance of effective human capital management and directly affect not only the bottom-line but also the top-line. Thus an understanding of these tools and techniques is required. Recession times are times of difficult decisions from all functions, and HR is not spared either. Talent Management can appear as a new strategy to ensure immediate survival and long term success of an organisation. However, the degree and mode of impact of this strategy needs to be understood carefully to achieve this objective. Recession times are times when grave measures are taken to survive the massive storm which weeds out the non-performers both outside and inside businesses. It is thus the time that the HR function can play a pivotal role in ensuring the survival and success of a firm. The tools and techniques useful to achieve this are studied in this paper.