In today's dynamic business world, where different generations of employees converge in the same work environment, it has become increasingly important to understand what motivates them. This paper analyses motivation, starting from basic concepts and various motivational theories, and examines the specific generations present in today’s labour market. Each of these generations—Baby Boomers, Generation X, Generation Y (Millennials), and the youngest Generation Z—brings unique experiences, values, and expectations. These differences shape how they perceive work and what drives them to give their best. The paper encompasses a theoretical section, defining the concept and types of motivation and motivational theories, as well as the characteristics of the four generations. It also includes an empirical section, featuring a survey conducted among employees in Split and its surroundings. The study examined which motivational factors, intrinsic or extrinsic, drive employees of different generations and to what extent the theoretically discussed characteristics of each generation are present and influence motivation in a real business environment. The diverse results of this research highlighted specific motivational factors for each generation, confirmed theoretical assumptions, and revealed that despite generational differences, there are common preferences regarding motivational factors in the workplace.