Efficient competence management is essential in knowledge-based companies. This chapter describes how the Semantic Web technologies can be used in managing employee competencies. Applying the Semantic Web technologies in the competence management enables building systems that support highly dynamic environments, are extensible as well as interoperable between different application domains, and benefit from the use of machine-accessible semantics. Competence management systems should be available not only for managers, but for all the employees of the company. As companies get larger, it becomes increasingly difficult to manage the knowledge and competencies that their employees have. Utilizing the Semantic Web opens many possibilities for building flexible systems for competence management.