This article investigates the subjective prospects of job mobility via the perceived employability for different groups of employees. Based on comparative data from 2004 and 2010 for 16 European countries, the study explores whether perceived employability varies depending on country of birth. Furthermore, this study examines the influence of country-level factors on perceived employability. The analyses show that compared to native-born employees, foreign-born employees generally demonstrate a more positive view of their possibilities to find a new position that is similar to or better than the current one. Given that previous research indicates a rather negative de facto labour market outcome for foreign-borns compared to native-borns, the results of this study show that the foreign-borns’ self-estimation most likely differs from their expected labour market outcomes. Furthermore, these overall results are influenced by the strictness of employment protection legislation, the level of competition for qualified positions, and the general economic conditions.