The survey, by employee engagement company Tinypulse, also found some companies don't even have a formal vision or mission statement.
According to the research, management transparency is the number one factor when determining employee happiness. This requires an "ongoing dialogue" between management and staff, Tinypulse said.
It also found employee happiness is more dependent on co-workers than direct managers, with employee happiness 23% more correlated to connections with co-workers than direct supervisors.
"The role of co-workers in employee happiness continues to grow along with the need for increased transparency," said the research.
"As the workplace becomes increasingly flat and decentralized, this puts a premium on stronger employee-to-employee relationships. HR and team leaders must prioritise recruiting talent that is collaborative and team-oriented.
"Consequently, these trends dramatically shift the balance in favor of companies that respond effectively and rapidly. The annual employee survey is no longer adequate for the on-demand, real-time world we work in today."
The survey analysed 40,000 responses from 300 global organisations.
