According to a new report from the Better Sleep Council (BSC), employees are paying a high price for too little sleep when it comes to work productivity.

Survey respondents in a 2007 study admitted to an alarming decline in quality of work, poor judgment and trouble retaining information as the top work-related consequences from lack of sleep. Of those studied, 44 percent said they were likely to be in an unpleasant or unfriendly mood -- all bad news for employers, employees and customers.

"Some believe you can accomplish more if you spend less time sleeping, but limited sleep can affect every aspect of your life, including job performance," said Dr. Bert Jacobson, Better Sleep Month spokesperson and author of the new study Subjective Rating of Perceived Back Pain, Stiffness and Sleep Quality Following Introduction of Medium-Firm Bedding Systems. "In fact, sleep deprivation impacts your level of alertness, your productivity and your ability to socially interact with colleagues."

In a study on the effects of sleep deprivation, investigators at the University of Pennsylvania found that subjects who slept four to six hours a night for fourteen consecutive nights displayed significant deficits in cognitive performance equivalent to going without sleep for up to three days in a row. Yet like many American workers the subjects reported feeling only slightly sleepy and were unaware of how impaired they were.

The research article, "The Cumulative Cost of Additional Wakefulness: Dose-Response Effects on Neurobehavioral Functions and Sleep Physiology From Chronic Sleep Restriction and Total Sleep Deprivation," found that cognitive performance deficits included reduced ability to pay attention and react to a stimulus, such as when driving, or monitoring at airports.

Other deficits researchers noted involved impairment of the ability to think quickly and not make mistakes, and a reduced ability to multi-task - to hold thoughts in the brain in some order while doing something else.

Sleep studies estimate that sleep deprivation currently costs U.S. businesses close to $150 billion annually in absenteeism and lost productivity. Survey respondents also confirmed those findings by reporting sleep deprivation impaired their quality and accuracy of work (31 percent), clear thinking or judgment (31 percent) and memory of important details (30 percent).

"Our survey indicates that companies would be more productive and offices would be happier places if employees got more of the sleep they need," said Nancy Shark, executive director of the Better Sleep Council. "Anyone looking to improve their daily work performance could benefit by improving the quality of their sleep."

According to results in the study fatigued employees are turning instead to quick-fix performance enhancers to remedy their sleep deficiency problem, including: drinking coffee or other caffeinated drinks (33 percent), taking a nap (17 percent) or going outside for fresh air (18 percent).

Shockingly only 13 percent of Americans are willing to make the commitment to get more sleep in order to feel more awake and productive at work.