In light of the rapid change in global economic conditions, youth employability has become one of the most crucial issues in youth policies among various developed countries. Enhancing the employability of students enrolled in higher education has gained the attention of many researchers and practitioners. This has led to a greater impact on ideological formation and practice within the higher education system in Taiwan. This study aims to construct a localized framework for a valid assessment of core employability skills among Taiwanese students enrolled in higher education. Components such as “employability”, “employability skills”, and “workplace competency” were investigated. Document analysis of government publications, academic articles and research reports among Taiwan and various other developed countries was conducted by delineating core meaning and components among relevant terms including “employability,” “employability skills,” “workplace competency,” and “key competency.” The results address four major domains and core components of youth employability skills. Based on such findings, a focus group interview was conducted with nine experts, including directors of career development centers in higher education settings, scholars with expertise and concern in youth employability, and directors who are responsible for the national career development project from the National Youth Commission. Then, a localized framework to address core employability skills applicable for higher education was proposed. The core employability skills framework consists of four major domains: personal attributes/attitudes, learning/thinking skills, interpersonal/social skills, and career development abilities. Ten core employability skills were included in the framework: communication, problem solving, teamwork, life-long learning, self-management, creativity & adaptability, technology, career planning, workplace cognition, and global vision. The framework of this study will provide a reference to the government of Taiwan for establishing projects and policies relevant to the fostering of youth employability.