The concept of employability plays a crucial role in shaping labour market policies in the UK, the EU, and beyond. This paper examines the current and historical applications of the term, discusses its value as an exploratory concept and a framework for policy analysis, and traces its development. It explores the role of employability in current labour market and training strategies, particularly in the UK, and seeks to identify a broader definition that can better inform labour market policy by transcending explanations that focus solely on supply-side or demand-side factors. While the literature offers various definitions of employability, many policymakers have used it as shorthand for 'the individual's employability skills and attributes'. This narrow usage risks 'hollowing out' the concept of employability. The paper concludes by presenting a broad framework for analysing employability, considering individual factors, personal circumstances, and external factors, which acknowledges the importance of both supply- and demand-side factors. Employability has become a central tenet of the UK's 'Third Way' policies, particularly in the context of the New Labour approach to economic and social policy. It has been promoted as a key objective of the European Employment Strategy, which emphasizes full employment, quality and productivity at work, and an inclusive labour market. The concept of employability has been used in various contexts, including education, vocational training, and labour market policies, and has been defined in different ways by various institutions and governments. The concept has evolved over time, with different versions emerging in response to changing economic and social conditions. The current application of the concept of employability in labour market policy often focuses on individual-centred, supply-side components, which may overlook the broader context of labour market conditions and external factors. The paper argues for a more holistic approach to employability that considers both individual and external factors, and highlights the importance of addressing the complex barriers to work faced by individuals. The paper also discusses the need for policies that address the needs of disadvantaged groups, including the long-term unemployed, and the importance of lifelong learning and flexible work arrangements in improving employability. The paper concludes by presenting a broad framework for analysing employability that considers individual factors, personal circumstances, and external factors, and highlights the importance of addressing both supply- and demand-side factors in labour market policy.The concept of employability plays a crucial role in shaping labour market policies in the UK, the EU, and beyond. This paper examines the current and historical applications of the term, discusses its value as an exploratory concept and a framework for policy analysis, and traces its development. It explores the role of employability in current labour market and training strategies, particularly in the UK, and seeks to identify a broader definition that can better inform labour market policy by transcending explanations that focus solely on supply-side or demand-side factors. While the literature offers various definitions of employability, many policymakers have used it as shorthand for 'the individual's employability skills and attributes'. This narrow usage risks 'hollowing out' the concept of employability. The paper concludes by presenting a broad framework for analysing employability, considering individual factors, personal circumstances, and external factors, which acknowledges the importance of both supply- and demand-side factors. Employability has become a central tenet of the UK's 'Third Way' policies, particularly in the context of the New Labour approach to economic and social policy. It has been promoted as a key objective of the European Employment Strategy, which emphasizes full employment, quality and productivity at work, and an inclusive labour market. The concept of employability has been used in various contexts, including education, vocational training, and labour market policies, and has been defined in different ways by various institutions and governments. The concept has evolved over time, with different versions emerging in response to changing economic and social conditions. The current application of the concept of employability in labour market policy often focuses on individual-centred, supply-side components, which may overlook the broader context of labour market conditions and external factors. The paper argues for a more holistic approach to employability that considers both individual and external factors, and highlights the importance of addressing the complex barriers to work faced by individuals. The paper also discusses the need for policies that address the needs of disadvantaged groups, including the long-term unemployed, and the importance of lifelong learning and flexible work arrangements in improving employability. The paper concludes by presenting a broad framework for analysing employability that considers individual factors, personal circumstances, and external factors, and highlights the importance of addressing both supply- and demand-side factors in labour market policy.