Most of the 600 adults recently surveyed by Ajilon agreed they want a boss they can respect, and eight out of 10 respondents said they do respect their boss. But one-third also said they think they could do a better job than their boss.

Of all qualities from which they could choose, employees ranked the most important as follows:

26% -- Leading by example
19% -- Strong ethics or morals
17% -- Knowledge of the business
14% -- Fairness
13% -- Overall intelligence and competence
10% -- Recognition of employees

Neil Lebovits, president and chief operating officer of Ajilon Finance, recommended that employers know what qualities are important to their staff.

"How an employee feels about his or her boss is often reflected in job performance, and frequently shapes an employee's decision to stay at or leave a job," said Lebovits. "Similar to a good coach, an effective boss will show people how to be successful in their job and will treat employees with fairness and respect. With so many people looking to their boss to set an example, it is absolutely critical for management to lead the way."

The survey also revealed a generation difference in what workers are looking for in a boss. While 30 percent of workers age 18 through 34 want a boss who leads by example, just eight percent of those 55 and older find this important. More than any other age group, older American workers are the most likely to agree that strong ethics (27%) and fairness (25%) are the most important qualities in a boss.

Men and women are in close agreement when it comes to important managerial traits, but interestingly, many more men than women feel they could outperform their boss (37% men, 26% women). And, regardless of whether or not they approve of their boss' performance, men's loyalty seems to run deeper -- 51 percent of men say they would cover for their boss if their boss made a mistake, while just 40 percent of women say they would do the same. Women prefer that their boss be ethical, while men prefer their boss to be intelligent.

"Bosses are often pulled in many directions when trying to meet the needs of their employees, whether they lead a staff of five or 500," explained Lebovits. "While some employees, especially those in the early stages of their careers, are looking to their boss to set an example and teach them about business, others just want to feel confident that their boss will make sound and ethical business decisions."