Firstly, to understand something about psychology. But to condense all the volumes into some basic approaches, you need to know what motivates each member of the team, and the team as a whole. If you know that, then you will know what it is you can or can't do to motivate them. In some way you want their motivation to be aligned with the project or business strategy; that way you don't just have followers, you have advocates. Saving Changes...
Greenleaf's Servant Leadership
McGregor's The Human Side of Enterprise
Lencioni's Three Signs of a Miserable Job
Gostick's The Carrot Principle
I distill these into a few principles for myself:
1. The Golden rule (i.e. Do unto others...)
2. Treat folks like professionals and the majority will behave like professionals
3. Recognize people frequently
4. Help connect the work people are doing to their purpose or calling
5. Remove more hurdles from the team's path than you place in their way...
As they say, 'One man's meat is another man's poison'. Each developer requires a unique approach. Here're only some of them:
1) Correct system of rewards: enough salary and other bonuses that they deserved.
2) Clear goals, interesting tasks, understanding of the processes occurring in the team and the results obtained.
3) Avoid useless bureaucracy.
4) Offer your team members opportunities for self-development.
5) Pleasant working conditions, close collaboration within a team.
6) Properly organized system of training instead of punishment for mistakes. Saving Changes...
From my point of view, a lot have already highlighted by my colleagues, As leader should know the needs and requirement of your people, show your personal example is key to motivate your under command Saving Changes...
I think we need to encourage ownership. My experience is that team members work hard if they feel the sense of ownership. Also, use the collaborative approach and give everyone a chance to speak. Saving Changes...
Company culture can severely limit what a leader can offer in terms of monetary compensation, but as most of our colleagues on this forum suggested, use the methods that you have control over - like promoting independent thinking through autonomy and engagement through simple conversations like the persons' favorite sports. Saving Changes...
"We should be careful to get out of an experience only the wisdom that is in it - and stop there; lest we be like the cat that sits down on a hot stove-lid. She will never sit down on a hot stove-lid again, and that is well; but also she will never sit down on a cold one anymore."