Is the following sentence incorrect?
It is equally important to find balance between delegation and abdication.
That is correct, I would however insert 'the' before 'balance' or , perhaps better still a 'fine balance between'
The act of delegation has to be finely balanced with abdication. You must be able to delegate and let the person/s get on with it but if you walk away completely without checking what is going on i.e abdicating... be it on your own head because ..as the saying goes. The buck stops with you!