The Chartered Institute of Personnel and Development (CIPD) Employee Outlook Report found that only a third (33%) of those surveyed said that individuals were reprimanded for consistent rule-breaking, indicating that employers are not doing enough to ensure that their business values are being upheld.
The research suggested that there is a disconnect between what employees expect and the way that values are currently embedded and upheld by business leaders.
Just over half (52%) of the 2,000 employees surveyed for the report agreed that its organisation's values positively influence behaviour at work.
It claims the top reason cited by employees who don't believe values have an impact on people's behaviours and decisions in the private sector is that profit is placed ahead of organisational values.
The most cited reason by those in the public sector is that there is one rule for senior managers and one rule for everyone else, highlighting the importance of consistency and accountability at all levels within the organisation.
The research also shows that businesses are failing to match their values to those of their workforce, with almost six in 10 (58%) of employees reporting that their personal values match those of the organisations they work for.
Peter Cheese, CEO at the CIPD, said: "In the wake of the banking crisis and other corporate scandals, now more than ever, organisational values should be at the forefront of business leaders' minds.
"The organisation's culture has to be a set of agreed values that resonate with employees at all levels, from the board to the front line, in order to provide a template for the behaviours and standards expected," he added.
Claire McCartney, research adviser at the CIPD, said: "The big challenge facing employers is how to embed values so they are meaningful. HR professionals have a key role to play in ensuring that values personally resonate with employees.
McCartney added: "Our evidence shows that there is a disconnect between business values and the personal values of employees.
"The imbalance needs to be urgently addressed if we are to see an era of improved business culture."
The Employee Outlook Report, conducted in June 2012 by YouGov, was an online survey of 2,068 UK employees.
