A study examined high school graduates' perceptions and employers' reports of hiring and job performance standards and employment outcomes one year after high school. The effects of vocational education, college preparatory programs, previous work experience, and self-concept were also investigated. Longitudinal data were collected by questionnaire from 522 students at the beginning and end of the senior school year and from 325 of those students (62 percent) one year after graduation. Their employers were surveyed at followup. The findings revealed that it is not only a matter of youth knowing and valuing what employers expect in their hiring and job performance standards, but also a matter of when they perceive standards as being strict or relaxed. These perceptions affect youth's employment outcomes and successful transition to new jobs. (Part I of this document describes the study focus and design; youth's educational preparation and work experience; employers' hiring and job performance standards; effects of variables on perceptions, outcomes, and employer evaluations; and implications and recommendations. Part II reviews related research and gives technical information on the study methods, data analysis, and results. Questionnaires and references are appended.) (YLB)