Employability is a highly debated concept. It became prominent during the Lisbon process as a core element of the European Commission’s strategy to make the European Union (EU) one of the most competitive knowledgebased societies in the globalized world. The Europe 2020 strategy for more growth and jobs sees employability as a precondition to achieve the targets of an increased employment rate. Against this backdrop an extensive literature has emerged critiquing the relevant merits of employability. Focused at a macro-level, most of the debate has considered questions relating to how to achieve and implement employability. A number of studies have also sought to locate, in an empirical sense, the concept of employability with aspects of qualification, training and career development, yet very little research has been conducted at a micro-level. Significantly, understanding of what employability means for employees or how it may (or may not) be achieved by individuals, remains underdeveloped. In this chapter, employability is deconstructed at the micro-level.