Efficient teams in companies are created by managers who want their subordinates to grow. If all the work is done by the team and yet the manager gets all the praise, the team will be demotivated. They would not work as hard to achieve the goals of the company. But when they know that they will be recognized by the work they do, then they will do their best. A team will only grow if they are given the liberty to create as they go. When a team has to use the same methods that have been in use, it curtails their creativity. But when they are left to discover new ways to show their competence, they will exceed the expectations.
A good manager will not be afraid to empower his team. After all, the more they prosper, the more his star shines. When they get praise, so does he. It should not be a competition where people lose and others win. It should be all people fighting on the same side to make the company more profitable and successful than the other companies. It should be a merging of skills and talents that make the team impermeable. Such a solid team conquers markets and increases the profile of the company. If well managed, these teams go on to become a formidable force in the market.
However, to maintain such a team requires wisdom. Yes they may need bonuses to motivate them but there are non-monetary factors that can motivate them too. Promotions may motivate a team but it can also be a tool that dismantles a well put together team. You cannot promote the whole team. There will be people who feel left out if others are promoted and they are not recognized. There should be checks and balances to know what will work best for each team.