Treat each of your directs individualy.
The main problem with delegation is that you haven't five direct reports. You have five people reporting to you. Five different people. Not average direct reports but different people. Some may require micromanaging (and in the longterm it is not a good approach) and some can manage their areas of responsibility better than you without any supervision (and in the long term it is a perfect situation).
Originally Posted by Onion
The bottom line is - to be effective you've got to treat each of your directs individualy. It is more difficult than "standard" approach but gives much better results.
Agree with Carolyn & TesTeq
You may want to take a look at what is now "an oldie but a goodie", namely Hersey/Blanchard's information on Situational Leadership.
This will give you a much better idea on what level of item(s) you will end up following for each of your direct reports.