The study intends to conceptualize Human-AI Collaboration Competency (HAICC) as a new competency model by transcending the existing framework of employability competencies and developing a theoretical framework explaining the relationship of HAICC with employee employability as well as organizational outcomes within an AI-based workplace setting. The present study follows a qualitative conceptual research approach through the systematic review and thematic analysis of scholarly literature pertaining to HRM, AI, Organizational Behavior, and employability literature. The theoretical framework for this study is based on theories such as Human Capital Theory, Socio-technical Systems Theory, Resource-Based View and Dynamic Capabilities Theory. The research identify that HAICC is a multi-facet construct consisting of knowledge of artificial intelligence (AI), Human-AI communication, critical thinking of the AI products, adaptive learning, ethical AI decision-making, and collaborative decision intelligence. These competencies seem complementary to the employability skills instead of being alternatives to the latter and necessary for the development of employee adaptability, constant learning, innovation, and organizational performance in the environment supported by AI. In order to illustrate the connection between HAICC, employability of employees, and organizational performance, the researcher develops the framework of HAICC Capability Development. The proposed framework provide insights for organizations, HR practitioners, institutions, and policymakers on how to design their AI-driven talent development, workforce re-skilling, and employability strategies so as to achieve effective human-AI collaboration. Also, this study suggests HAICC as a new employability competency and also develops a conceptual framework that will contribute to the existing literature on Human-AI collaboration.