When combined, 就 (engage in) + 业 (profession) + 率 (rate) literally translates to the “rate of engaging in a profession,” giving us the modern meaning of “employment rate.”
In Western countries, the “employment rate” is a key macroeconomic indicator, discussed by economists and politicians. In China, its significance permeates society on a much more personal level.
就业率 is a formal term you will encounter frequently in specific, high-stakes contexts.