Correct use of performance improvement plans
Sometimes you feel that one of your employees needs critical feedback. That's common and normal. Sometimes, unfortunately, job fit or performance can be so poor that firing an employee becomes the best option. In between these two is an interesting space. It's a space I'd like you to think seriously about for two reasons. First, finding a way to try again, and give someone a second chance is usually a very good idea. I'm not advocating the third and fourth chances in the face of really bad performance. But a quality, thoughtful second chance, is something everyone deserves.
In addition, not only is it the right thing to do, but it's the smart thing to do. It's smart because this makes you look like a reasonable and caring person. Which is great for your reputation as a leader. It's also smart because the cost of firing someone is quite large. Even if you were to assume that when you let someone go, there were no lawsuits or other odd circumstances, the costs are still huge. Think about it. You and the team now have to fill.Source: https://www.linkedin.com/learning/performance-review-foundations/correct-use-of-performance-improvement-plans