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The transition from higher education to employment is a challenge, considering persistent graduate un- and underemployment. Qualifications are not enough. Graduates (should) develop a ‘workplace identity’ that improves their chances of being employed. An empirical study shows that achieving employability frequently involves several labour-market states in which personal attributes are utilised but also developed. Most graduates are not prepared for this arduous journey, something both higher education institutions and graduates should attend to.