The employability paradox is a concern among employers. It states that development activities enhancing employees' employability also increase the risk for employee turnover. This study examined this paradox and probed the relationship between six development activities and voluntary turnover mediated by perceived employability. We tested both a turnover‐stimulating path via perceived external employability (i.e. perceived job alternatives with other employers) and a retention path via perceived internal employability (i.e. perceived job alternatives with the current employer) by using two‐wave longitudinal data from 588 employees. The results put the turnover risk into perspective: only upward job transition positively influenced turnover via perceived external employability. Also, the retention path via perceived internal employability was not supported: several development activities were positively related with perceived internal employability, but perceived internal employability did not influence turnover. We did, however, find a direct retention effect of skill utilisation. Overall, the results downplay the employability paradox.

Previous research attempted to identify personal resources that promote employability, that is, an individual's chance to find and maintain employment. This has resulted in a large number of different personal resources, which are not always clearly differentiated from one another and often seem toat least partially-overlap conceptually and/or empirically. In response, we aim at conceptual clarification and integration of what we coin "employability capital". Based on a literature review, we developed a conceptual framework that integrates the various facets. Two types of distinctions were found: (a) an employability distinction, which differentiates between job-related, career-related, and development-related employability capital, and (b) a capital distinction, which differentiates between human capital (more specifically knowledge, skills, and attitudes) and social capital. We performed a Qsorting study in which items of existing measurements were mapped onto the conceptual framework by subject matter experts. Overall, we found support for the conceptual framework.

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