Perceived employability as a dual resource: modeling career success during the university-to-work transition.

Introduction: In dynamic labor markets, universities are increasingly expected to foster not only immediate employment outcomes but also sustainable career development among graduates. Drawing on conservation of resources theory, this study examines how perceived employability at graduation influences subjective career success during the university-to-work transition via two pathways: employment quality (person-job fit) and psychological wellbeing (career distress). Methods: Using a three-wave longitudinal design, data were collected from 385 Singaporean graduates at graduation, 1 year post-graduation, and 2 years post-graduation. The hypothesized relationships were tested using cross-lagged structural equation modeling. Results: Perceived employability at graduation was positively associated with person-job fit and negatively associated with career distress 1 year later, and these variables fully mediated the effect of perceived employability on subjective career success 2 years post-graduation. Proactive personality and career competencies were confirmed as antecedents of perceived employability and career distress, highlighting the role of both trait and learned resources in employability development. Discussion: These findings suggest that enhancing graduates' perceived employability can promote better employment fit, reduce career-related distress, and ultimately foster higher subjective career success, with implications for career education, policy, and organizational practices in recruitment, onboarding, and early job design. In addition, we introduce a diversified investment metaphor that conceptualizes perceived employability as a psychological portfolio balancing short-term employment fit and long-term career resilience, offering a heuristic for future research on strategic resource allocation during the university-to-work transition.