The purpose of this study is to find out the impact of 5 dimensions of Talent Management on perceived Organizational Effectiveness. For this study, different subsectors of service industry inLahore,Pakistanwere surveyed. For the last couple of decades, service industry has developed to a stage, where it is in a position to define the country’s economy. It has totally shaped up the ways of businesses and the survival lies in gaining competitive edge. Researchers believe that talent is the key to gain competitive advantage in the industry of service. A survey was conducted through a 5 point Likert scale questionnaire for the selected organizations in the 5 selected subsectors of service industry inLahore,Pakistan. The questionnaire was divided into three parts, the first part covers the personal information of employee, second part has 25 questions related to 5 Talent Management dimensions and the third part has 5 questions related to perceive Organizational Effectiveness. The result shows that all of the 5 dimensions of Talent Management were significant. Human Resource Policy, Training & Development, Ability and Motivation were found to have a strong positive impact on perceived Organizational Effectiveness. However, opportunity had no impact on perceived organizational effectiveness.