Failure to include staff in important decisions is the main reason for dissatisfaction, according to the CIPD and Halogen Employee Outlook.
The survey looks at the attitudes of 2,500 UK employees towards their work life.
When asked if they were consulted about important business decisions, 26% more people disagreed with the statement than agreed. This is up from 22% in 2013.
Only 1% more employees agreed than disagreed when asked if they trusted their managers, down from 4% this time last year. Similarly, only 3% more agreed that they had confidence in their managers, compared to 7% 12 months ago.
In the public sector confidence in senior management is particularly low, with 27% fewer workers agreeing they have confidence in their managers. This is a sharp decline from 13% in autumn 2013.
Claire McCartney, research adviser at the CIPD, said the results show employees increasingly "lack faith in their leaders and managers", highlighting the particularly poor figures in public sector organisations.
"This survey shows a marked increase in negative perceptions of senior managers, with overall trust and confidence in senior managers hitting a two-year low," she said.
"Trust and confidence levels are particularly low in the public sector, and have potentially been influenced by the current unrest and strike action taking place in this sector."