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In the video, the speaker emphasizes the importance of managing employee performance, especially after NFL's Black Monday, highlighting that terminations are a reality in many workplaces. To assist with this process, the speaker provides a termination checklist for ensuring compliance. Tip one involves determining if the employee is employed at will or under a contract and ensuring that the termination aligns with any contractual terms, particularly regarding severance provisions for terminations without cause. Tip two suggests gathering and reviewing all relevant agreements, such as offer letters and handbooks, to clarify the employer's and employee's rights. Tip three advises checking state final payment rules, as different states have varying regulations regarding final pay.