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Many individuals are losing jobs, leading to a potentially stressful time and increasing likelihood of property loss or damage, such as missing items or stolen client lists. Luke Kumanchik from Honeycrisp discusses three IT-related challenges of employee termination: ensuring proper documentation for all assets, managing access to important systems and files, and addressing password-sharing issues. It is crucial to have a clear understanding and process in place for these aspects to minimize risks during employee transitions.