The study found 72% of workers feel motivated to do more than their formal job responsibilities, but 41% said conditions in their job do not allow them to work at their peak productivity level.
The study examined engagement and enablement level from 401 organisations in 46 countries.
Mark Royal, senior principal for Hay Group, said employers in the UK are facing a "motivation gap".
"Employees feel that organisations are not holding up their side of the bargain to help them perform as well as they can, and deliver as much as they want," said Royal.
"As a result, productivity and retention levels are suffering, with companies facing the costly prospect of losing talent."
The study showed 45% of UK workers face "significant barriers" to doing their job well and 44% do not believe their company plays its part in motivating them.
Seventy-two percent of employees would recommend their company as a place to work to friends and family, which is up by 6% from last year.
"The UK is making progress on engagement, but companies need to do more to help engage and enable staff, otherwise they face losing key talent as soon as the job market picks up," Royal said.
