In the midst of the Government's austerity measures, low consumer spending, the Eurozone crisis and rising unemployment, the study of 1,500 UK employees commissioned by consultancy Lane4 shows only half of British workers (52%) actually feel motivated.
To add to this, a third of employees (33%) feel so down about work that they're looking for a new job and a further 21% say whilst they're not actively 'looking' they would consider new job opportunities if they came along.
According to the research, workers across the UK are not expecting a long-term morale boost from the Olympic Games taking place on home soil.
Significantly, over half (58%) of respondents claimed that it would have no effect on workforce morale, whilst a further 18% claimed that any morale boost would be short-lived.
The barometer also shows that alongside pay worries, concerns over wasted skills, feeling 'trapped' at work and a lack of team spirit with colleagues are key contributors to this lack of motivation.? ?A third (33%) are worried their skills and qualifications are being wasted in their current job and 39% think their office has a negative team dynamic - quite a challenge for business leaders across the country.
More than a fifth (22%) of employees say they feel trapped in their job to pay household bills.?Nearly half (45%) of the workforce also have a tip for their leadership teams - they believe that their company should celebrate success more, which they feel would improve team morale.
Despite bleak job prospects for 16-24 year olds with youth unemployment standing at 21.9%, the study reveals that it's older, long-serving staff who have the lowest morale.
Two thirds (64%) of 35-44 year olds admit they have no clear career path, while 36% of the same age group say they feel demotivated because of the current economic situation. Regionally, respondents from the North West think they have the bleakest prospects - 66% feel they have no clear career path, 40% feel demotivated and more than a third (37%) think their qualifications are being wasted in their current job.
Lane4's MD and Olympic gold medalist, Adrian Moorhouse, said: "In today's testing economic climate, UK business leaders face a growing challenge in engaging and motivating employees to deliver. These findings show that the UK's workforce is at a seriously low ebb and, with x days to go, the London Olympic Games is not expected to make things feel any better.? ?"There is much that business can learn from our British athletes and their dedicated support teams, such as setting goals, coaching employees or celebrating successes. I believe UK business leaders have a unique opportunity to learn from the games, creating environments that both inspire employees and help achieve long-lasting results - but only if they act now."
Lane4 was co-founded in 1995 by British Olympic champion and leadership expert Adrian Moorhouse.
