The key to successfully motivating a team is motivating the individual contributors that make up the team:

1. Determine what motivates each person. It is not the same for everyone. You may think it's money but it could be security or making a contribution. A good question to ask on a one-on-one basis is "What is important for you in your work?"
2. Acknowledge and give your team members positive feedback. Experience and studies show that people are more likely to stay in jobs where they feel liked and appreciated than in work where they might be paid more. Let them know how they are doing and if they are doing a good job.
3. Listen to people so they feel heard. Are you doing most of the talking? No one likes one-sided conversations, especially when their ideas are criticized. When team members feel heard, they feel respected and are motivated to contribute more.
4. Being the team leader does not mean you have to do it all. Sharing the work increases sharing of ownership and of the success as well. If subordinates are involved it's an opportunity to acquire new knowledge or skills. If it's a cross-departmental project, sharing work creates the opportunity for all members to learn about company functions other than their own.

In other words, to motivate a team effectively you demonstrate personal leadership with each member of the team. These suggestions will require an investment of time on your part, but the payoff is higher motivation and productivity from your team plus more time for you.

By focusing on personalized individual motivation, you can increase your chances of fulfilling the maxim "the whole is greater than the sum of its parts."