Work and employment are vital to post-university life. Existing sociological studies highlight the complex issues young university graduates face when transitioning from university to work. In recent years, the Romanian labour market has been home to many outsourcing jobs, and there is a high rate of young university graduates employed in the business service sector. However, numerous young graduates experience overeducation, as their education and skills are mismatched, considering the required skills and abilities of available job opportunities in the service sector. A parallel and neglected concern is the rise of misunderstanding of concepts such as employability, skills, and decent or precarious work, thus aggravating sceptics among numerous employers regarding young graduates' work readiness and their inadequacy in responding effectively to the rapidly changing labour market needs. This study sheds light on what is happening at the intersection of university education and work. Drawing from a two-year ethnographic case study with reflective thematic analysis, we analyse young university graduates' experiences in non-graduate positions and demystify knowledge-based economy vocabularies, mostly graduate employability and skills. The results highlight graduate employability as a complex and confusing concept, sometimes described as skill, employment, and work readiness. Employability and skills are extensively described based on micro (individual)-level characteristics and less on macro (labour market supply and demand) characteristics. The findings also argue that entry-level employees' experiences of education-job mismatch as they embark on non-graduate jobs involving their knowledge and skills underutilisation. Alongside the devaluation of university credentials, employers purposively ignore the hard skills young graduates possess, and their working conditions entail deskilling and hinder employees' autonomy in work planning and task execution. The results are potentially helpful, as they illustrate the need to widen the scope of understanding knowledge-based economy vocabularies. They can inform key actors in reconsidering employability, skills, and decent work beyond the current dominant perspectives in an uncertain graduate world of work.The concept of employability has different meanings, depending on the vocabulary, context, and specific vocabulary used. Our research participants described and understood the concept of employability and its relation to vocabulary: Employability as a general concept refers to a person's ability to gain and maintain employment. It encompasses a range of skills, knowledge, and attributes that make an individual desirable to employers. This includes technical skills, soft skills, educational qualifications, work experience, and personal qualities. The vocabulary used to describe employability focused on terms related to job skills, qualifications, industry-specific knowledge, and personal attributes valued in the job market. Employability can be understood in the context of education and training. This refers to how education and training programs prepare individuals for the job market and equip them with the necessary skills and knowledge to succeed in their chosen careers. In this context, the vocabulary used to discuss employability includes terms related to curriculum design, learning outcomes, skill development, vocational training, and career guidance. Employability can also be relevant for individuals interested in starting their businesses or working as self-employed professionals. The vocabulary used todiscuss employability in entrepreneurship may include terms related to business planning, marketing, financial management, innovation, risk-taking, and self-motivation. Employability can also be understood concerning specific industries and sectors. Different industries may have their own vocabulary and employability requirements. For example, employability in the technology sector may focus on programming languages, software development methodologies, and technical certifications.In contrast, employability in the healthcare sector may focus on medical terminology, patient care skills, and regulatory knowledge. The vocabulary used in these contexts may be specific to the industry or sector and include technical terms, industry jargon, and specialised expertise. Overall, the relationship between vocabulary and description of employability lies in how different terms and languages are used to highlight other aspects of employability in various contexts. The specific terminology used can provide insights into the skills, knowledge, qualifications, and personal attributes valued in different industries, educational settings, job markets, and entrepreneurial endeavours.