I suggest have at least a 30 minute meeting with each person that reports to you at least every other week.  Generally, I would suggest dividing the time equally between tactical and strategic issues.  The first part of the discussion can be an update of key activities and issues while the second part of the discussion should be focused on how the employee is progressing on the longer term goals for the month, the quarter, or the year. EVERYONE should have long term goals — linked securely to the goals of the company — that they are focused on.  Some of these goals should also be focused on the development plan of the individual.  The meeting should always be open and unintimidating so you can get to the real issues that will ultimately affect effectiveness and achievement of goals. 

Regardless of what you talk about — setting aside a regular time to sit, uninterrupted, together with regular frequency is vitally important to morale and effectiveness.