Change in the workplace is inevitable, intensified by the rapid development of global markets and demand for highly skilled and adaptable employees. One response to this demand is for higher degree students to immerse in workplace experiences aligned to their course discipline to build their employability. In consideration of higher education and industry practices in Australia, our paper examined the phases of student learning and development before, during and after workplace experiences that contribute to graduate employability and signalling capability. Three progressive methodological approaches were adopted: a job advertisement audit, semi-structured interviews, and an online employability survey. Deductive and inductive coding was applied to organise themes from interview transcripts and survey data, using nonparametric statistics to analyse data. Findings revealed a three-phased Graduate Employability Cycle of Learning. The Pre-Condition Phase 1 encourages student exploration of the industry discipline and self against defined awareness factors to prepare for practical experiences. Phase 2 comprises the Experiential Learning Cycle (Kolb, 1984) to validate the process of learning through practical experience. The Observed Signals Phase 3 identifies the experiential learning gained from practical experience and subsequent conversion into transferable graduate employability signals. Combined, the three-phased cycle guides theoretical knowledge and practical application of the employability signals, to assist job recruitment and selection, where employers can observe and recognise employable graduates who demonstrate their point of difference in the job market.