In this paper we discuss the concept of employability and report the results of a survey of graduates and business managers, in the Spanish Autonomus Community of Galicia. Objectives The purposes of this paper are threefold: 1. discuss the need for a broader view of employability for work based on the inter- realtionship of new higher education programs and workforce development in the new social and economy context. 2. To compare the perceptions of graduates of Galician universities regarding the degree to which their university course had endowed them with certain skills and attributes with the declared practice of Galician employers as regards the value given to these skills and attributes during selection of personnel, whit a view to orienting improvement in the satisfaction of social demands and know the components the new economy. 3. Discuss the future implications for higher education programs. Method and results All the statistical analyses were performed to find relations and comparisons between the economy perspective and the higher education. The results reveal significant underperformance by universities in the provision of skills required by employers, particularly as regards practical training, familiarity with new technologies, understanding of organizational structures and functions, problem-solving skills, capacity for teamwork and communication, and self-motivation, management ability and business initiative.