The retention of millennial leaders continues to be a concern for executive leadership. The problem addressed in this study was the gap in research regarding how the motivation of Generation Y leaders affects employee satisfaction and retention factors. The purpose of this phenomenological inquiry was to explore the retention rate for 20 Generation Y service leaders in the southwestern United States to illuminate patterns of satisfied millennial leaders by drawing from employers' role in motivating and retaining millennial leaders in the service industry. Herzberg's 2-factor theory, Vroom's expectancy theory, Adams's equity theory, and Maslow's hierarchy of needs comprised the conceptual framework. Data analysis involved coding semistructured interviews, which helped with the development of themes through content analysis by implementing Moustakas's modified Van Kaam method. The results indicated a disparity among the millennial leaders and other generations in terms of how the different generations viewed motivational factors of millennial leaders in the workplace. The results of this study could contribute to positive change by providing human resource personnel and executive stakeholders with insight to enhance retention methods among millennial leaders in the service industry.