Competence management and management by competences are new concerns among academics and professionals. In this paper we argue that the most appropriate way to advance in the construction of a new managerial approach is by relating competence to the strategy of the organization. To make that operational we develop an analytical framework. Since competence has slightly different meanings in the North American and European literature, we first proceed to a revision of conceptual approaches. The analytical framework was empirically tested in a field survey conducted among companies in the Brazilian telecommunications industry.