Recently, Fugate et al. [Fugate, M., Kinicki, A. J., & Ashforth, B. E. (2004). Employability: A psycho-social construct, its dimensions, and applications. Journal of Vocational Behavior, 65(1), 14] defined employability as a psycho-social construct comprised of three dimensions: (i) adaptability; (ii) career identity; and (iii) human and social capital. The aim of the current paper was to empirically test Fugate et al.’s model in a sample of 416 unemployed Australians (n = 126 for longitudinal sample). Specifically, this research explored employability in relation to three aspects of unemployment: (1) self-esteem during unemployment; (2) job search during unemployment; and (3) re-employment (at a 6-month follow-up). Overall, the results of this longitudinal study provide broad support for the psycho-social construct of employability and demonstrate its applicability to the unemployment context.