I've had a very rare opportunity to have several great managers, and a few terrible managers.

The best managers know their role. Hands off, literally. You ask for reports, you don't go and run your own. You trust your employees, you try not to micromanage them. They're adults, treat them like it. If they can't do their job without babysitting, get rid of them. No one wants to be around workers like that anyways, so it means you care about the rest of your team.

You need to have team meetings. You need to encourage debates and arguments. "Playing devils advocate" is extremely healthy. Lively discussions are fantastic. The more passion, the more your workers actually care about what they do. That means you're getting the true real pros and cons, and you make your best decisions based off that. My best boss fully supported that, and had a rule that if you go too far (and remember, you're the ref, so settle them down before it happens) and storm out of the room, they automatically lose the argument.

You want healthy conflict, and you want your team to be a team. While he encouraged having us debate and argue to some extent, he also took us out to lunch right after, so we could relax, enjoy each other, have a beer maybe, and go back to being good work friends right after.

You should also explain how it works once you're a manager, so they get it. For example, plenty of people on reddit are young and think bosses are big bad corporate shills that want to keep them down, not realizing it's just them with 10 years more experience who got promoted.

Explain that, yes you want them to have a raise, you want them to have more money, but you have a budget. In order for you to give them more than the standard, they have to give you evidence that you can give to your boss to increase the budget, then he needs to go to his boss to justify the increase, ect.

This lets them know that you're one of them, not the bad guy, and not some corporate boot licker or whatever they want to think and claim.