Employee morale is at a three-year low according to a recent study, but employers seem unaware of this steady decline.

The MetLife Study of Employee Benefits Trends recently released its ninth annual study (download report from the Met Life website). The report found a notable disconnect between employees and employers on the subject of loyalty.

Employee loyalty to their employers has declined for the past three years, as has their perception that the company is loyal to them. Conversely, employers remain oblivious to this decline, assuming employees are just as loyal now as they were three years ago.

Understandably, employers have been focused on surviving the economic downturn, but it seems many are unaware that their employees are becoming more and more dissatisfied. The survey found that over one in three employees (from all company sizes) hope to be working elsewhere within the next year.

Furthermore, a survey by the career website Glassdoor.com revealed that 4 in 10 workers believe it is likely they'll find a new job matching their experience and salary in the next six months.

In light of these findings, it's more important than ever for employers to focus on employee satisfaction. A good way to start is to survey employees about their satisfaction levels and ask how your company can improve.

Employers who fail to address falling employee morale may find themselves facing high turnover rates as the economy recovers and employees search for better opportunities.