The recession is still having a negative impact on 82% of businesses, according to the Chartered Management Institute (CMI).
The CMI’s economic outlook report also found job insecurity at record levels.
According to the CMI, the reduction in the availability of both long-term finance and short-term investment has forced managers to continue to make tough choices to keep costs down.
Almost half (48%) of UK organisations have kept pay freezes in place, while 52% have stopped hiring.
CMI chief economic advisor Lord John Eatwell said: “The economy is growing, albeit at an anaemic 0.2%, but the promise of recovery is not enough to sustain our businesses while they wait for the situation to improve.”
He added: “Managers are integral to driving our recovery, but their efforts are being hampered by a lack of available finance and poor levels of employee morale.
“If they are to turn the situation around, government help is urgently required.”