Purpose: There is a substantial void in the understanding of the effect of talent management (TM) practices specifically targeted at females on firm performance. This paper investigates the relationship between female-focused TM and firm performance with the aim of demonstrating the importance of gender diversity in firms. Design/methodology/approach: The authors developed and empirically tested a contextually embedded model using data from 103 multinational corporations in Russia to examine the effect of female-focused TM on firm performance. Findings: The authors found an overall positive relationship between female-focused TM and firm performance. The authors’ analysis also revealed significant positive effects of female-focused talent development and talent retention, but not talent attraction, on firm performance. Originality/value: This paper contributes to the vibrant TM scholarship by focusing on female-focused talent attraction, development and retention practices.