"Learning to become employable" is a catch phrase often used to highlight the importance of upskilling in today's knowledge-based labor market. Yet, evidence on the relationship between work-related learning and employability is limited and does not account for potential reciprocity. This is important though: if "employability" also "promotes work-related learning," labor market segmentation could be enhanced. Accordingly, this study investigates the reciprocal relationship between (formal and informal) work-related learning and perceived (internal and external) employability. Hypotheses are based on the attribution-based theory of intrapersonal motivation, which has not yet figured in employability research. Structural equation modeling was performed on three-wave survey data of Belgian employees. The pattern of results showed a reciprocal, albeit weak, relationship between formal work-related learning and perceived internal employability. No other significant relationships were established. Hence, the relationship between work-related learning and perceived employability might not be as straightforward as generally assumed.