The purpose of this chapter is to expand the understanding of the relativity of graduate employability, applying the insights of a critical sociological tradition. Although various studies have outlined how social and educational backgrounds shape the employability of graduates, very few have systematically outlined the interplay of labour market positioning, educational positioning, and graduates’ social positioning, as this chapter does. Furthermore, the chapter assesses the emerging trends and importance of relative employability within the current higher education landscape. The main argument it puts forward is that employability cannot be understood without considering the actions of others and the social and cultural contexts, which structure the relative chances of graduates in the labour market. Finally, the chapter discusses a new agenda for policy and research on graduate employability.