You generally want to minimize the number of passwords you manage; for instance, you should generally be paying the SSO tax and getting as many services as you can onto OIDC. After that, just do the cloud version of 1Password, which is easy to audit and manage access for, which you'll thank yourself for when it comes time to SOC2. Remember, as you give people access to passwords, that those passwords will need to be…
On top of this, prefer individual accounts and passwords over shared accounts. Some services require shared passwords, keys, or tokens. Consider grouping them by sensitivity. Key to the kingdom shared accounts should be accessible only to a tiny number of people. Finally, never send credentials over plaintext, such as email or Slack. 1Password and other password managers have a “share” feature. If need be, send a zip…
Because people are lazy and not everyone wants to write a file, zip it, encrypt it, call someone, spell the password... Consider sending the password regularly over slack, wait a minute till the other side confirms they got it, and remove the message.
Mediocre solutions that people use are better than perfect solutions that everyone circumvents.