Capable of being employed or possessing the qualities and skills necessary to be hired for a job.
From employ + -able (capable of being). The suffix -able comes from Latin -abilis, creating adjectives describing possibility or capability.
What counts as 'employable' has completely changed—in 1950 you could be employable with an eighth-grade education, but now employers demand bachelor's degrees for jobs that don't actually need them, making employability a moving target designed to justify lower wages.
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