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Rising Star
I can't say there's a best way, you really have to get to know your team and what works for them (and you).
As a leader of a team, I have biweekly statuses 1 on 1 with each member and also my full team. I purposely leave 5-15 minutes to get feedback. I make it very clear that it is their moment to call out successes or challenges.
Read this: https://firstround.com/review/radical-candor-the-surprising-secret-to-being-a-good-boss/