This study is to compare the importance of general employability skills as perceived and demanded by the businesses, with perception of general employability skills as perceived by universities students and teachers and across Taiwan. More specifically this study provides insights into labor market demand for generic competencies for higher education administrators as well as college and university graduates in Taiwan. The purpose of this study is to help educators, and college students seeking employment, to have better understanding of what common competencies is required of them in addition to their technical skills. A total of 1170 questionnaires were collected. The results of the study indicated significant differences among business owners/managers, faculty, employees, and students.