In today's rapidly changing society, the critical issues for organizations are how to attract individuals with high-level employability and what role to play in maintaining and enhancing that employability. This study primarily aimed to investigate the effects of leader-member exchange and employee learning on perceived employability. The literature review showed that leader-member exchange is about the mutual relationship between the leader and members of an organization, and that employee learning consists in the individual employees' continuing learning behaviours. The data for this study were collected from 257 South Korean insurance company employees. The study findings demonstrated that leader-member exchange has a significant positive influence on the one dimension of perceived employability: corporate sense. Employee learning, on the contrary, was shown to have statistically significant positive effects on all the five dimensions of employability. Conclusions were drawn, and the implications and limitations of the study are discussed.