This research analyzed the motivating and demotivating factors amongst employees in two wood processing companies. The research was conducted over the years 2014 and 2015 with a survey using a questionnaire containing six questions with available statements offered. The questions were closed-ended, and respondents used the four-level scale of importance for each statement. A total of 180 employees in each company were surveyed, and results were statistically processed by using the χ2-test and cluster analysis. This study established that the motivation factors most important to employees between researched companies are significantly different. Employees were most concerned about social needs. Also, employees consider psychological circumstances of work to be very important. Employees' overall motivation can be linked to higher efficiency and higher quality production and business results, and such research should be conducted more often.Key words: wood industry, personnel management, employees, motivating factors, de-motivating factors IZVLEČEK V raziskavi smo analizirali motivacijske in demotivacijske dejavnike med zaposlenimi v dveh lesno predelovalnih podjetjih. Raziskava je potekala v letih 2014 in 2015. Opravljena je bila z metodo anketiranja, s pomočjo vprašalnika, ki je vseboval šest vprašanj s ponujenimi možnimi odgovori. Vprašanja so bila zaprtega tipa, anketiranci pa so pomembnost vsebine posameznih odgovorov ocenjevali s štiristopenjsko lestvico. Anketiranih je bilo 180 zaposlenih v vsakem podjetju, rezultati pa so bili statistično obdelani s pomočjo χ 2 -testa in klasterske analize. S študijo smo ugotovili, da se najbolj pomembni motivacijski dejavniki med zaposlenimi v obravnavanih podjetjih bistveno razlikujejo. Zaposleni so najbolj zaskrbljeni glede socialnih potreb. Menijo tudi, da je v podjetju zelo pomembna psihološka klima. Motivacija zaposlenih je lahko povezana z večjo učinkovitostjo, višjo kakovostjo proizvodnje in poslovnimi rezultati, zato bi bilo treba takšne raziskave pogosteje opravljati.Ključne besede: lesna industrija, upravljanje kadrov, zaposleni, motivaciji dejavniki, demotivacijski dejavniki GDK 791:966(045)=111 Prispelo /