This article presents a competence-based and multidimensional operationalization and measurement of employability. Employability is defined as the ability of employees to adapt to changing job requirements and to achieve career success. The authors propose a five-dimensional conceptualization of employability, which includes occupational expertise and four more generic competences: anticipation and optimization, personal flexibility, corporate sense, and balance. The measurement instrument is developed using data from employees and their immediate supervisors. The results show that the five dimensions of employability explain a significant amount of variance in both objective and subjective career success, indicating the predictive validity of the tool. The instrument is reliable and valid, and it facilitates further scientific HRM research and has practical value in job and career assessments, recruitment, staffing, career mobility, and development practices. The study also discusses the importance of competence development and the role of self-efficacy in employability. The authors conclude that employability is a complex concept that requires a multidimensional approach to measurement and that the proposed instrument provides a reliable and valid measure of employability.This article presents a competence-based and multidimensional operationalization and measurement of employability. Employability is defined as the ability of employees to adapt to changing job requirements and to achieve career success. The authors propose a five-dimensional conceptualization of employability, which includes occupational expertise and four more generic competences: anticipation and optimization, personal flexibility, corporate sense, and balance. The measurement instrument is developed using data from employees and their immediate supervisors. The results show that the five dimensions of employability explain a significant amount of variance in both objective and subjective career success, indicating the predictive validity of the tool. The instrument is reliable and valid, and it facilitates further scientific HRM research and has practical value in job and career assessments, recruitment, staffing, career mobility, and development practices. The study also discusses the importance of competence development and the role of self-efficacy in employability. The authors conclude that employability is a complex concept that requires a multidimensional approach to measurement and that the proposed instrument provides a reliable and valid measure of employability.