Inadequate supervision, poor planning and poor communication have led to the deficit, studies have shown.
HR advisers Proudfoot Consulting produced the report, which surveyed 2,500 international firms.
It showed that although the UK ranked as the fourth most productive nation, domestic efficiency has dipped in the past two years.
The report says these problems can be eliminated by completing a productivity assessment of their department or firm, standardising internal communications, investing in staff training and improve resources.
Simon Glynn, Proudfoot’s chief operating officer, said: “This report shows how management could re-capture value by working on the root causes identified.”