This article considers questions of "employability," a notion foregrounded in the Green and White Papers on the Teaching Excellence Framework (TEF). The paper first questions government imperatives concerning employability and suggests a series of mismatches that are evident in the rhetorics in this area. This summary opens up elements of what I am calling the first 'folly' in the field. The second section of the paper considers recent research with individual academics engaged in employability activity. This research suggests another series of mismatches in the aims and outcomes of "employability initiatives" and opens up a further series of "follies" in the day-to-day practices of academics and students' responses to them. The third section of the paper turns to academics' reports of student behaviour in relation to the outcomes of their degree. This section develops an argument that relates to the final "folly" associated with the current focus on employability. I argue that students' focus on outcomes (which at face value suggests they have internalized the importance of employment) is contributing to the production of graduates who do not have the dispositions that employers--when interviewed--say that they want. The highly performative culture of higher education, encouraged by the same metrics that will be extended through the TEF, is implicated then in "not" preparing students for the workplace.