We examine the idea that an individual's "employability" subsumes a host of person-centered constructs needed to deal effectively with the career-related changes occurring in today's economy. We argue that employability represents a form of work specific (pro)active adaptability that consists of three dimensions--career identity, personal adaptability, and social and human capital. Reciprocal relationships among these dimensions are also discussed. The impact of employability on organizational behavior is illustrated through applications to the research literatures on job loss and job search.