One of the hardest, yet most important, things a leader must do is find the right time and way to show an employee the door.

"The best way to fire somebody is to compassionately fire them," says Nick Woodman, founder and CEO of digital camcorder company GoPro, in an interview with Bloomberg. That means you need to do it quickly.

Woodman says that as soon as you know that it's not going to work out with an employee, it's imperative to take action immediately.

One employee can make a huge difference in the morale of a company, the founder says. If that person is the wrong fit, other employees will suffer as well. 

"The worst way to fire somebody is to let it drag out," Woodman says. "It's not good for that person because they're not succeeding in their role. And it's not good for the organization because it's just not working."

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