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Is changing jobs given the current state of the economy just too risky? Does it make more sense simply to sit tight?

A lot of people are opting to hunker down, preferring the security of what they know to the uncertainty inherent with a change of employment.

So, for the time being, should you politely tell the recruiter “no, thanks” regardless of what kind of opportunity he’s calling about?

Not necessarily.

But do exercise caution. Obviously, you should carefully vet any company you’re considering joining any time you’re contemplating making a change. Especially now, though, given the volatility of the market, it pays to be careful.

While it’s not commonplace, I’m sure you’ve heard about people (particularly in the financial sector) who’ve had offers rescinded literally days before they were supposed to start work – or who relocated to take new jobs and found themselves out of work shortly thereafter when their companies ran into financial trouble.

Then there’s the “last one hired, first one fired” adage. Sometimes that does turn out to be true.

What to do, then, when considering a possible change?

Don’t feel pressured to make quick decisions. Do your homework. Make sure you understand the company’s financial health.

• If it’s a public company, you can review its filings with the SEC. Information that must be disclosed on an ongoing basis includes annual (Form 10-K), quarterly (Form 10-Q), and current reports (Form 8-K). The 10-K is the most comprehensive and will give you a good overview of the company’s business and financial condition. Go to the SEC website and consult the EDGAR database to look at the most recent 10-K report for your potential new employer.

• Get a handle on the company’s turnover from a historical perspective. Find out when they last laid people off. How many were let go? How did they determine which jobs were cut?

• Is there a potential sale in the cards for the company? Has there been any talk of a merger or consolidation?

• What’s the overall status of your potential employer’s industry?

• Tap your network; find out if there are any issues that may be flying “under the radar” about which you should be aware.

You can also try to negotiate some protection for yourself. If you’re signing a contract, ask for some kind of severance package.

Where relocation is involved, it pays to proceed with caution. If you opt to go ahead with a job that involves a move, don’t jump in right away with both feet. It might make sense to hang onto the house, let the family remain behind for the time being, and commute until you get a feel for how solid the situation is. Added bonus: your kids will probably thank you if they can avoid changing schools in the middle of the year.

Do what’s necessary to protect yourself – but keep listening to what’s out there in the way of opportunities. The economy isn’t likely to turn around any time soon; don’t limit yourself needlessly. Just be prudent about how you proceed.