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Essay in the subject Business economics - General, , language: English, abstract: What are competencies, and what is competence management? Why is competence management important, and how does it help? What are the goals and tasks of competence management? Which approaches, levels and models does competence management have, and how do they help with complex processes and procedures? What are the advantages and disadvantages of a competence management system? Competencies and thus competence management play an increasing role in all organizations of the global economic system. In today's ever-changing business world, successful companies must continuously align their processes with the requirements of customers and products. Therefore, more and more companies are establishing competency management. The more competence management is anchored in organizations, the more successfully and smoothly run well-organized processes, policies, and procedures in an organization. Ultimately, competence management not only ensures lasting competitive advantages, but also the flexibility and innovative ability of employees and thus the survival of the company in a competitive business world.