ABSTRACT This paper focuses on current European employment policy, promoting the individual's responsibility for remaining employable. Within this supply-oriented framework, general political responsibilities of both increasing the demand for labour and facilitating the development of human capital through training and education opportunities are less emphasized than the individual's own responsibility to remain attractive for employers. In an analysis of perceived opportunities among European employees, we argue that the concept of ‘employment security’ can lift the individualized perspective on employability skills and attributes to a more structural and institutional perspective. To enhance individuals’ chances of finding a job, educational and lifelong learning policies and active labour market measures are believed to be important factors, besides general demand in the labour market. Through multi-level modelling, we analyse the significance of individual and contextual factors on employees’ perception of their chances in the labour market. The data used are from the European Social Survey (2010), including data from 21 countries. Our results indicate that employability cannot solely be regarded as an individual phenomenon relying on individual characteristics. We also need to focus on the institutional context enabling the individual to remain in employment in the existing mobile and risky labour market.