The studies we all read in professional journals indicate that professional growth, especially for technical professionals, is of critical importance. The consequences of not addressing career issues can result in lower productivity and turnover. Ask people about their aspirations. Whenever possible, assign them work that fits with their career plan. The results will far outweigh the effort expended.
Most managers intellectually accept the value of coaching.
How to coach is another matter. Reflect on the managers you worked for who were good at this important skill. Observe colleagues who are especially talented in this area. Consider designing a mini-survey for employees. Have each of your direct reports complete this survey and then meet with each person.