Purpose In the context of far-reaching changes in higher education and the labour market, there has been extensive discussion on what constitutes graduate employability and what shapes graduates’ labour market outcomes. Many of these discussions are based on skills-centred approaches and related supply-side logic. The purpose of this paper is to develop an alternative, relational conceptualisation of employability based on the concept of capitals. It discusses how this provides a more detailed and multi-dimensional account of the resources graduates draw upon when transitioning to the labour market. Design/methodology/approach The paper presents a new model on graduate employability, linked to five areas of capital which are seen as constitutive of graduates’ employability and significant to their transitions to the labour market. The paper draws together existing conceptual approaches and research studies to illustrate the different features of the model and how they relate to graduate employability. It also discusses some practical implications for those helping to facilitate graduates’ transitions to the job market. Findings The paper argues that the graduate capital model presents a new way of understanding graduate employability which addresses the challenges of facilitating graduates’ transitions and early career management. The forms of capital outlined are conceived as key resources that confer benefits and advantages onto individuals. These resources encompass a range of human, social, cultural, identity and psycho-social dimensions and are acquired through graduates’ formal and informal experiences. Research limitations/implications Whilst this is a conceptual model, it has potentially strong implications for future research in this area in terms of further research exploration on the core components and their application in the labour market. Practical implications This re-conceptualization of graduate employability has significant implication for graduates’ career management and strategising in developing resources for enhancing their transitions to and progression within the labour market. It also has implications for career educators in developing practical employability strategies that can be used within institutional settings. Social implications The paper raises salient implications for the effective and equitable management of graduate outcomes post-graduation which has clear relevance for all stakeholders in graduate employability, including students/graduates, career educators and employers. Originality/value The paper develops a new model for conceptualising graduate employability and illustrates and applies this to discussion of graduate employability. It also raises practical applications around the different components of the model.
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