Firing employees the right way

Money and workplace expert Larry Winget offers business owners some tips about releasing some employees in this video. (Ignore the goofy shirt, since the advice he gives is pretty sound.) Laying off or firing employees isn't fun. But business owners need to be mindful of the financial results. Evaluate each employee and see if they contribute enough to the success of the company to justify their salary and benefits.

Be swift about your employment decisions. Cut the ties fast and get it over with. Don't give the soon-to-be ex-employee a chance to taint anyone else or create drama in the workplace. Be tough! I've had to fire employees before, and it wasn't fun, but it was necessary. Know when it's time to cut the ties, and do it swiftly.

There are several more great tips in this video for managing the workplace during and after releasing employees.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.