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In the video, the speaker emphasizes the importance of managing employee performance and introduces a termination checklist to ensure compliance. Key tips include: first, determine if the employee is at-will or under an employment agreement, and ensure termination aligns with the terms, including severance provisions if applicable. Second, gather and review all relevant agreements or documents that outline the rights and obligations of both the employer and employee, such as offer letters, manuals, and benefit plans. Lastly, review state final payment rules, as some states have specific regulations regarding final payments to terminated employees. This checklist aims to facilitate a smoother termination process.