Higher education prepares students for the scientific and technological sectors of a society and economy, thereby contributing significantly to the long-term economic growth and whole development process of a country. The purpose of the study reported in this chapter was to examine students' perceptions regarding their job expectations in view of the outcome of their studies, and to explore whether or not the public higher education sector in Greece deals with the continuing changes in the labor market while still meeting quality academic standards. The results of the study revealed that university departments provide a moderate focus only on three out of the six main employability skills (communication, teamwork and foreign languages) and place little emphasis on: job-finding through the careers offices; the involvement of employers in course planning and design; teaching; and assessment. Regarding students' personal expectations in terms of job and salary, the majority of the sample for this study indicated that they will either search for a full-time job while continuing their studies or will solely search for a full-time job, with the average time needed to find full-time employment being 9.5 months. The findings of this study support the view that the leverage for economic development is students (future graduates and employees) equipped with the knowledge and skills that are in demand in the market.