That is what we pay managers -to figure out- for. They should find out which and how by knowing the team, familiarity with domain knowledge, understanding company dynamics, understanding customer, understanding market dynamics.
That's basically a non-answer. Measuring "productivity" is a well known hard problem, and managers haven't really figured it out...
It's not a non-answer. Good managers need to figure out what metrics make sense for the team they are managing, and that will change depending on the company and team. It might be new features, bug fixes, new product launch milestones, customer satisfaction, ad revenue, or any of a hundred other things.
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I heard lines of code is a hot one.
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Economists are generally fine with defining productivity as the ratio of aggregate outputs to aggregate inputs.
Measuring it is not the hard part.
The hard part is doing anything about it. If you can't attribute specific outputs to specific inputs, you don't know how to change inputs to maximize outputs. That's what managers need to do, but of course they're often just guessing.
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