This research analyzed the motivating and demotivating factors amongst employees in a wood processing and furniture manufacturing company. Research was conducted over the year 2010, during the time of a full economic crisis and before the restructuring of the company was done. Analysis also was conducted in 2014, during the beginning of the economic recovery and after the restructuring of the company. Research was conducted with a survey using a questionnaire containing six questions with multiple choice statements. The questions were closed-ended, and respondents used the Likert four-level scale of importance for each statement. A total of 180 employees 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 in a company are significantly different during the time of an economic crisis, and in the period of economic recovery, i.e. before and after restructuring of the company. Employees were most concerned about physiological needs in the time of a crisis, whereas in the time of an economic recovery, employees consider social needs to be of more importance. Also, employees consider psychological circumstances of work to be more important in the year 2014 than in the year 2010. Employees’ overall motivation can be linked to higher efficiency and higher quality production and business results, and such research should be conducted more often.