All companies should have a system and procedure in place when hiring, as well as firing. It can be a very devastating experience for the employee, finding out they have lost their job, and there is opportunity there to make a tough experience a learning experience, for both the employer and employee.  

If your business is set up completely virtual then it would not be part of the culture to meet in person when you are letting someone go, but there should still be proper procedures in place. If you have a hybrid or in-person office environment, this needs to be done face-to-face. 

For the employer, you have the chance to learn more about the inner workings of your teams and people in an exit interview even when you are letting someone go. If you go into a situation without sensitivity or a planned conversation, you leave your company open to rash reactions from the person or people you are letting go. The last thing any business needs is a lawsuit, poor ratings on online sites, negative publicity on social media, etc.

Create your procedure. Can you offer support in career mentoring, resume assistance or coaching? If it is a scaling down of the team, share the positives of the team member and the strengths they brought to the organization. If it is a team member who is not the right fit, share where they can improve and something positive they have contributed.