(FORTUNE Magazine) – Dear Annie: I've spent the past 17 years at a FORTUNE 500 company that has been "in turnaround" (with no clear results yet) for most of a decade. As a fortysomething manager about to finish grad school, I'm wondering what my next move should be. Would it make the most sense to keep looking for better opportunities in-house, or--given that the turnaround may never amount to much--try to go elsewhere? --Restless Ron

Dear Restless: According to the research that's been crossing my desk lately, you aren't the only one thinking of moving on. A new study by Accenture says that 48% of U.S. middle managers are either looking for a new job or plan to do so the minute the economy improves. (We're in a recovery but, as you're no doubt aware, it hasn't exactly done wonders for the job market.) Another new study, by Sibson Consulting, reports that it wouldn't take much to lure many employees from their current jobs. Surprisingly, given the stock markets' recent gyrations, fully half of the people Sibson polled would take a new job for just $1,000 worth of equity, even if the stock a new employer gave them couldn't be sold for three years. Just as popular: extra vacation days. "Employees would rather have more time off than an equivalent amount of compensation," according to Sibson. "Half of American employees would quit to take a new job offering ten more days of vacation time, and 75% would leave if offered 15 more days of vacation." At the same time, though, it seems employers would rather promote from within than hire from outside. The New York Times Job Market (www.nytimes.com), the newspaper's job site, surveyed hiring managers last month and found that 61% prefer to recruit internally.

After 17 years, you're no doubt pretty comfortable where you are--and that could be a problem. A risk of staying anywhere too long is that you may begin to let your standards slip. "If you've allowed yourself to start turning in work that you know is just good enough to get the job done, it's time to move on," says Pat Lewis, director of executive career-counseling network ExecuNet (www.execunet.com). As for your company's elusive turnaround, he adds, "If your employer is in trouble and your response is to just lie low and hang in there, you may be committing slow suicide. The best time to look for a new job is when you still have one."

In fact, says Bill Morin, CEO of WJM Associates (www. wjmassoc.com), an executive training and coaching firm in New York, "One of our fastest-growing businesses is helping people figure out whether to stay or go. The object is to avoid the dreaded Friday-afternoon blowout where someone is tapped out, burned out, or dead-ended, and gets the ax." To determine whether you should stay put or seek greener pastures, Morin suggests asking yourself if you agree or disagree with the following statements:

--You're pleased with your current job and can see what bigger opportunities it might lead to.

--You're learning new skills and having a visible impact on the business.

--Your boss likes you and is your advocate in the company.

--Your boss is doing well in his or her own career.

--You've been promoted within the past two years.

--You're vested or near vesting and steadily building the value of your benefits, 401(k), pension plan, etc.

--The company is thriving and has a clear growth strategy. (Hmmm...)

--You're being fairly paid and given average or better-than-average raises. (Remember, the average white-collar annual raise these days is about 4%.)

--You've had a discussion with your boss within the past year that indicated you are valued and that he or she sees where you may be headed in the company.

If you answer "agree" to most of these statements, Morin advises you to keep trying to move up where you are--with one caveat: "If you eventually want to reach the president or CEO level, moving around to gain new skills and broaden your scope is probably a better bet." Either way, "you need to take control of your future," he says. "Have a plan, with specific goals you want to meet by certain dates, and then let that--rather than the short-term buffeting we all deal with--be your guide."

Dear Annie: I'm looking for a new job and have had some interest from recruiters, but there's just one problem. I've been at this company for a long time, and my compensation has slipped to about 20% less than market value for someone with my experience. Do I have to tell headhunters what I'm currently earning? --Bargain Bill

Dear B.B.: Yes. "First, never lie to a recruiter about anything," says Richard Smith, a consultant in SpencerStuart's Atlanta practice and co-author of an intriguing book, The 5 Patterns of Extraordinary Careers (Crown Business, $22.95). "And second, don't assume that lower-than-market compensation is necessarily bad. Recruiters understand that pay is only part of the reason why someone takes, or keeps, a job." He suggests you acknowledge that you're underpaid and then talk about what you can offer your next employer that makes you worth a lot more money than you now make. "Candor and a positive attitude are qualities that recruiters and employers really respect," says Smith. You should do fine.

Send questions to askannie@fortunemail.com. Annie offers advice weekly at www.askannie.com.