I was the editor of a newspaper, which meant I managed the newsroom. I was not really interested in all this business bullshit. I had a paper to get out. If I had a problem, which in all my years only involved one person I personally hired, I had a better way to handle it. I would say something like: "I'd like to see you do better at ___, and for the next two months I intend to do my best to help you learn what you need to learn/improve your skills/whatever."

I meant it, too. I'd devote some time to presenting what needed to improve and helping the person make whatever change I thought they needed. If they wanted to stay, they'd be better at their job after my mentoring/tutoring/whatever was needed. However, you know what happened. They would instead start looking for another job, and they'd leave with their head held high and without a black mark of any kind on their record. If I were ever to manage people again, I wouldn't change a thing.