This paper aims to conceptualise and operationalise an Employability Capital Growth Model (ECGM) via a systematic literature review of 42,558 manuscripts from Web of Science and Scopus databases published between 2016 and 2022 from the fields of graduate employability and career development incorporating applied psychology, business, education, and management. Two research questions are addressed: (1) How can literature addressing various forms of capital in the context of preparing university graduates for the labour market be integrated to offer a new ECGM?; (2) How can various actors, i.e. (a) students and graduates, (b) educators, (c) careers and employability professionals, and (d) graduate employers, operationalise the ECGM? The systematic literature review resulted in a final corpus of 94 manuscripts for qualitative content analysis. Findings led to the construction of a new ECGM comprising nine forms of employability capital (social capital, cultural capital, psychological capital, personal identity capital, health capital, scholastic capital, market-value capital, career identity capital, and economic capital), external factors, and personal outcomes. Twenty-three opportunities for the operationalisation of the ECGM were also identified. The theoretical and conceptual contribution comes from constructing a new ECGM to bridge the fields of graduate employability and career development in the context of preparing individuals for the transition from university into the labour market. The practical contribution comes from operationalising the ECGM at the education-employment nexus. Consequently, developing various forms of capital and an awareness of external factors and personal outcomes can improve students' and graduates' employability, benefitting all actors operating in a career ecosystem.