This qualitative research explores the impact of university lifelong learning programs on the participants' perceived employability by examining six training programs implemented by the Lifelong Learning Center of Aristotle University of Thessaloniki. The grounded theory approach was used throughout the research. After a set of data were gathered through face-to-face interviews with the programs' directors, 21 semistructured interviews were conducted with people who attended the programs. Through a process of data coding and analysis, a theoretical model was developed. The findings indicated that the programs examined enhanced the three dimensions of the participants' perceived employability (career identity, personal adaptability, and human and social capital). Moreover, the interviewees emphasized that universities should strengthen their links with the labor market and the local society, to meet the needs of a larger number of citizens.