The purpose of this study was to generate empirical knowledge on how employees perceive and respond to competency models at work. A cross-sectional survey of 278 employees in four Norwegian organizations showed that competency models perceived as strategically and personally relevant and fairly rewarded were positively related to supervisor-rated work effort and organizational citizenship behavior (OCB) and self-rated �employability� outcomes. Exchange relationships mediated the link between competency model perceptions and work effort and OCB. Social exchange relationships marginally mediated the link between competency model perceptions and employees' openness to job-related changes and engagement in activities aimed at improving one's employability