It doesn't show up on a balance sheet or a profit and loss statement, but one of a company's most valuable assets is the talent of the staff.

Yet, unless that talent is properly managed, it can be underutilized, undeveloped and unappreciated, which creates dissatisfaction and eventually high turnover.

If the goal is to build a talented staff, there must be a culture in place or created. That culture makes it important to first elevate the talents of the current staff and then, as more people are needed, hire highly talented people and train them to understand their part in an environment that honors and respects them, motivates them and illustrates a career path as a long-term part of a company where they can utilize their talents. This benefits themselves, the company and of each individual within the company.

That talent-rich culture must come from the top of the company and, when it is properly driven, there are few restrictions on growth and companywide energy. Creating a culture that manages talent well is important throughout every aspect of staff development and company development.

Identifying talent is (or should be) a company-wide activity. When talented staffers are identified they should be challenged and encouraged to stretch their boundaries, seek larger goals and perform at a higher capacity or to take on more responsibility faster.

It may take the creation of a mentoring program with a high degree of personal feedback to make that fast-track career advancement successful. When it is working well it accelerates growth, focus, teamwork and company spirit.

The whole company profits from a culture that creates an environment where talent can grow and flourish.

If a talent-centric culture is not created the results are just the opposite. Talented people become unmotivated, become frustrated and either look for more challenging positions elsewhere or they become inculcated with the culture of mediocrity and ease off.

The whole company languishes and becomes a less competitive follower instead of the hard-driving, cutting edge leader. Create a companywide culture to manage your talent well or lose it.

Opinions expressed solely are those of the writer. Larry Galler, of Larry Galler & Associates, is a marketing and management consultant for small and mid-size companies. For more information or to get his free report, "Tolerations driving you nuts? Eliminate them now!" contact larry@larrygaller.com or call (219) 464-9463.