Purpose – This study aimed to reveal the factors affecting the motivation of Generations X and Y in business life. Design/methodology/approach – The study was conducted in the phenomenology design, one of the qualitative research designs. Maximum diversity sampling, one of the purposeful sampling methods, was used in determining the participants. To this end, a total of 30 employees, including 15 individuals from Generation X and 15 individuals from Generation Y who varied in terms of the level of education, sector, duty and working time, constituted the sample of the study. The interview method was used to collect the data in the study. The data were analyzed by the content analysis method. Results – While the study revealed many issues affecting the motivation of Generations X and Y, it also showed that the psychological aspects of the work environment, such as understanding, harmony, friendliness, tolerance and respect, along with economic factors were primary factors in the motivation of employees of Generation X. The employees of Generation Y indicated that a friendly, flexible and comfortable work environment, where they felt valuable, along with economic tools and career development, were the primary issues in motivation. The similarities in the motivation of Generations X and Y were also emphasized in the study. Discussion – With the important results revealed by this study for a better understanding of the needs, wishes, and expectations of Generations X and Y in business life and their motivation, it contributes to the literature and practitioners with regard to better management of a multi-generational work environment. In this context, it is of great importance for organizations to use these results in creating the desired work environment, and researchers should conduct more studies on understanding the working dynamics of these generations.