Purpose: Employability is an established research theme in Western literature; however, in developing economies, the concept remains unclear and underresearched. This study addresses this lacuna by exploring how Sri Lankan higher education (HE) administrators conceptualise employability and which capitals they perceive as needing development to achieve employability. Design/methodology/approach: The research utilised semi-structured interviews with an expert panel responsible for leading the development of the employment agenda within Sri Lankan HE. The purposive sample included four Sri Lankan vice chancellors (VCs), representing leadership at 27% of the country's publicly funded universities and the HE funding commission. The qualitative data collected were thematically analysed to identify how employability was conceptualised and the perceived employability skills and capitals required. Findings: The findings demonstrated that employability was conceptualised as requiring transferable skills and job-specific occupational skills. This view of employability represents a narrow definition with an emphasis on skill development rather than longer-term capability building. The results show the applicability of Bourdieu's (1986) capitals in the Sri Lankan HE context, with cultural and social capital and proficiency in the English language critical to meeting employability objectives. Originality/value: This research addresses the shortage of research about the concept and requirements of employability in developing countries. Most employability studies have drawn on samples from students, lecturers and employers, whilst this study considers the phenomenon from the perspectives of strategic administrators in HE who guide the employability agenda in practice. These insights are important in informing policymakers to calibrate a more balanced approach by incorporating employability into the Sri Lankan HE curriculum and sector strategy.