Or you can hire good developers who value their work and want to ship high quality software, and get out of their way so they can get things done. Your method seems to be treating your developers like children who will refuse to get work done if somebody isn't watching over their shoulder. If that's happening, then I think you have a hiring problem.
Many software developers are not that effective at making rapid progress (for whatever reasons), so if you are actually highly skilled and highly motivated you can produce multiple of the progress of some coworkers. But generally management doesn't deliver high performers who deliver multiples of progress multiples of salary, instead they fight to keep it to small percentage rises and don't even fire the deadwood!
This (mis)management destroys intrinsic motivation of high performers and the manager is left with deadwood and skilled but unmotivated people and some average performers, which try to micromanage to get results out of.
