The aim of the research is to analyse interrelation of contemporary business environment, knowledge creation and management and development of managers’ competencies. Furthermore, to clarify whether the managers who operate in the context of modern knowledge intensive organizations should apply a new set of abilities and skills to lead teams and organizations. The research was conducted in three stages: during the first stage, authors identified the skills acquired by managers in three different ways where experience-based competencies dominate over the rest. During the second stage of the research, authors applied Lapina et al. (2015) competences groups to identify how they resonate with competencies discussed by other researchers, as the result a set of managers’ competences in contemporary organizations was identified. During the third stage of the research authors examined and gained confirmation of the first phase results.