The trick in all this, of course, is finding the right balance; and unfortunately, there's no formula for doing so. As a general rule, you will need to put the requirements of the organization first; beyond that, be as supportive of your employees as you can.
Note
Tip
Do as much as you can for your employees without sacrificing the interests of the organization.
Many factors will come into decisions about where you want to place yourself on the organization/employee spectrum:
The nature of your organization is likely to make a difference; the attitude of businesses toward employees is generally different from that of public sector and not-for-profit organizations, and some organizations have clear policies about things like promotions and time off where others are more fluid.
Your organization's culture will also have an impact on your decision-making; there's often a generally accepted way of doing things, and what's acceptable in one organization or workgroup may not be...