Technical and Vocational Education and Training (TVET) institutions provide young people with the valuable skills and competencies needed for their seamless transition into the workforce. However, most TVET institutions adopt traditional curriculums and assessment approaches that are irrelevant to testing skills and competencies demanded in the current job markets. This challenge leads to job-skill mismatch and underemployment. This work proposes an adaptive and flexible TVET model that can address the identified challenges by nurturing holistic skill sets, replacing the traditional assessment methods with practical assessment approaches, and incorporating curriculums that reflect current industry practices. The study uses a quantitative approach to collect and present data from various stakeholders (students, employers, and teachers). The results indicate that most students recognize that the current TVET models and systems are ineffective in providing the skills and competencies needed in the current job markets. The participants strongly supported the interventions incorporated into the new model as effective measures for addressing the mismatch between the skills obtained in TVET institutions and skills needed in the workplaces. Moving forward, the TVET institutions should adopt the adaptive model to enhance students’ employability and on-job competence. The findings indicate that TVET institutions can benefit from adopting the model, as it will enable them to implement drastic shifts in their landscapes, adapt to the rapid technological changes, and embrace innovation for competency development.