This paper qualitatively reexamines the definitions, components, and sub-components of employability under the changing labor market contexts of the under-researched country of Thailand, an emerging market economy (EME). Semi-structured interviews among chief human resources (HR) officers, HR experts, HR academics, HR consultants, and top HR executives in various well-recognized private firms across industries in Thailand, virtual field visits to each company located in Bangkok and other provinces in Thailand, nonparticipant observation, and a review of archival documents and web-based resources were conducted. This paper proposes that Thailand's institutional context, specifically the labor market context, plays an important role in shaping employability among workers needed by firms within that context. Several challenges, including the COVID-19 pandemic, aging societies, technological disruption, the growth of the cryptocurrency market, and the changing patterns of work, affect Thailand's institutional context, specifically the labor market context, and worsen the problem regarding the shortage of job candidates or graduates who are readily employable. Here, employability among workers refers to the strong potential that helps job candidates obtain suitable jobs and readies them for work and to survive in the real word. It consists of three main components: (1) career ability, (2) resiliency, and (3) attitudes and personal attributes. Each component consists of several sub-components (25 sub-components in total). All of the components and sub-components of employability are necessary for job candidates or young graduates in the context of the Thai labor market. However, there are sub-components of employability that are necessary for job candidates who are working in EMEs with several abovementioned challenges that affect the labor market context. [ABSTRACT FROM AUTHOR]