The Saddlers – who are in action at Stevenage tomorrow in League Two – turned Menayese’s loan from Mansfield Town into a permanent switch earlier this week for an undisclosed fee.
The 24-year-old centre-half is tied down until the summer of 2024, and Taylor is delighted with the move all-round.
“What it shows you is where we see Rollin, and the faith we have in him to grow and get better,” said Taylor.
“I think it’s the right decision from the football club because Rollin has proved this season that he can produce consistent performances.
“Now, there are areas of Rollin’s game that he needs to improve, and we speak about those continuously.
“Rollin will get better. He’s our player now, and that relieves a bit of pressure from him.
“He knows where he’s going to spend the next two-and-a-half years, and that’s hugely important for a footballer.
"It shows huge ambition from us as a football club, and also from him.”
Menayese has played 25 times for Walsall this season and is expected to start against struggling Stevenage.
Taylor added on the defender: “He understands how much we value him here, and the environment we’ve created is one where he can learn every day.
“He understands the dynamic of the changing room and that the players have faith in him.
“So, we’re continually driving him on along with the rest of the group. That’s the main thing for us this season.”