Enhancing talent investment efficiency and addressing inefficient allocation are critical for enterprises to unlock talent dividends. From an ESG perspective, 2011-2023 A-share data show ESG performance boosts corporate talent investment efficiency by curbing redundancy and mitigating under-investment. Mechanisms include reduced agency costs, optimized governance, technical/upgrading investments, and improved incentives. Public supervision positively moderates; media/capital market supervision shows non-linear effects.ESG works better in labor-intensive firms, non-high-tech industries, and tech talent-scarce regions, weaker in technology/capital-intensive ones. Social responsibility has the strongest impact, guiding efficient talent management.