We will discuss the notion of employability as it is being defined and applied by current European and national policies and by those agents and institutions in charge of applying it by evaluating and fostering it in individuals. This notion, originally used for workers with high levels of performance, has been widely spread among vocational education trainers and careers guidance communities and it has become a commonplace to integrate the competencies an individual has achieved. In recent years, it has evolved into one of the keys for low qualified workers and vulnerable people in order to successfully enter the labour market. In the paper we will discuss concrete data of an institution assessing employability, in order to analyze how that notion is redefined and used and how it is embedded into current guidance practices. We will use the data of all the low qualified workers and vulnerable people who have attended the guidance service in an institution during the past two years in Valencia (Spain). Among these, we find immigrant people, ethnic minorities, women who have suffered gender violence, young people with no qualification and other people undergoing re-integration programmes in society (with records of imprisonment or drug abuse), adults suffering mental illnesses and others. We will rely upon the following sources of information: interviews with the counsellors who are interviewing and assessing the employability of these people; the tools these workers use in order to record the information, assess the employability and inform it to the interviewees as well as to other professionals who will help foster the employability of them. Finally, we will also use the records and individual balances of employability (anonymously treated). All of the previous process of obtaining and analyzing information will allow us to conclude on how the notion of employability is realized in the concrete evaluation practices of this institution, how it is shaping the work processes of guidance workers and how it is affecting the possibilities of the interviewees in order to improve their employment possibilities. We will discuss with these the current European guidelines as well as national policies with a focus on employability. Martínez, N. (dir)(2004) Herramientas profesionales en las empresas de inserción. Departamento de psicopedagogía, Universidad de Deusto. Cinterfor-OIT (2005) Proyecto ocupacional. Una metodología de formación para mejorar la empleabilidad. Montevideo, Cinterfor. Guerrero, C. (2005) Itinerarios de inserción sociolaboral: una propuesta metodológica para personas en riesgos de exclusión social. REDSI, nº 6. OIT (2004) Recomendación 195 sobre el desarrollo de los recursos humanos. Serrano, A. (2004) Políticas de empleabilidad en Europa. En 'Afrontar el desempleo juvenil: estrategias para empleos decentes'. OIT, Educación Obrera 2004/3, nº 136. Spinosa, M.A. (2005) Del empleo a la empleabilidad, de la educación a la educabilidad. VII Congreso Nacional de la Asociación de Estudios sobre el Trabajo. Buenos Aires. Wnterton, J., Delamare, F. and Stringfellow, E. (2005) Typology of knowledge, skills and competences. Thessaloniki, CEDEFOP.International