The purpose of this study is to analyse the relationship between the self-perceived employability of engineering students and graduates and their employment situation. Methodology: A total of 505 individuals participated in this study, including recent graduates and senior students from five engineering programs at a public higher education institution in Colombia. This research adopted a quantitative methodology with a non-experimental cross-sectional design and a correlational scope. The data were analysed using inferential statistics. Findings: Based on the results, perceived employability considerably depends on four factors: the level of job performance, the number of promotions, work experience, and the education-job relationship. Originality: In the current labour context, employability is an important tool for graduates who are entering the labour market and must face a variety of challenges, such as the decline in work opportunities, the rapid development of technology, and the need for lifelong learning. According to the literature in the field, employability is significantly influenced by these kinds of external factors.