Other popular motivators were high basic salary and learning and development.
More than half (55%) of managers in the public sector viewed top leadership in their organisation as effective compared to 74% of private-sector managers. But only 36% of public-sector managers thought their organisation was doing enough to develop the next generation of leaders.
Public-sector managers were more positive about work-life balance, with 24% working more than 60 hours a week compared with 52% in the private sector.
Mark Pegg, director of the Ashridge Public Leadership Centre, said: "This is the first time we have conducted the [research] within the public sector. It reveals a number of continuing challenges that need addressing, such as leadership development and communication from the top, but also shows a public-sector workforce with strong public values, full of passion, energy and loyalty."
Challenging work is what motivates managers the most
According to Ashridge Business School and the National School of Government, public and private-sector managers ranked challenging and interesting work the number one motivating factor.