Many managers wrongly believe they excel at managing their staff, a misjudgment which is hindering the UK’s “already struggling” businesses, according to the Chartered Management Institute.

A survey of more than 2,000 bosses by CMI showed that almost half thought they were excellent at managing their employees, although only 14% said they were born to be a leader.

In a separate questionnaire designed by the CMI, just 14% of managers came out as excelling at management, a result which “strongly contradicted” their own judgment.

Ruth Spellman, chief executive of the CMI, said: “We’re desperately short of good leaders in this country. Just look at how many FTSE 100 companies have sourced chief executives from abroad and how many Premier League football clubs have foreign managers.

“We’re crying out for much-needed home-grown leadership talent and it’s frustrating that employers are failing to capitalise on the dormant leadership skills that their employees don’t yet realise they have.

“Management and leadership skill development has been neglected by employers, government and managers themselves for far too long.

“We need a renewed focus on investment in training and development in this field, both for the current generation and future generations of managers.”