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Despite the growing attention to employability in the era of job insecurity, there have been a limited number of empirical studies regarding the positive effect of employees’ perceived employability (PE) on performance. The purpose of this study is to examine the relationship between PE and three domains of employee performance: in-role, adaptive, and extra-role. This study also tests the moderating effect of the perceived quality of employment on these relationships. To test our hypotheses, we surveyed 334 employees and their 37 immediate supervisors working for an organization in South Korea. We utilized official performance ratings and supervisors’ ratings to measure the three domains of performance. The results show that PE is positively related to in-role, adaptive, and extra-role performance. An interaction between PE and the perceived quality of employment on extra-role performance is also evident. Implications for research and human resource development practices will be provided.