Senior managers in the forestry and wood-processing sectors in the Slovak Republic were asked to complete questionnaires. The aim of the research was to identify the importance of certain factors that affect the process of their motivation. A total of 493 senior managers were surveyed. The respondents used a five-point rating scale to rate the significance of each motivation factor, where 5 was very important and 1 was unimportant. The importance of 36 motivation factors was studied for senior managers through the use of statistical methods. Based on the study, it was concluded that the base salary is the most important factor of motivation, followed by job security as the second most important motivation factor, and the third most important factor was the fair appraisal system.