If they are bad employees get rid of them quickly and enjoy doing it however you want.
If they are good employees how you shed them matters for a few reasons. You may want to rehire them in the future. The employees you keep will see how your company sheds people. They may have honest useful info you can learn from in an exit interview. They are good people and deserve respect... and so on...
The best thing you can do is take a step toward helping them land softly. It doesn't have to be any major expense of time or money, but it does need to be more than a meaningless gesture. It shows you do actually care about your staff, even when you have to let them go.
Some simple ideas...
If they will qualify for unemployment many won't know how to file for it. Print up the forms and information from the .gov site and include it in a termination package for them. Offer to look over their CV for them (which also lets you see how they plan to list their time at your company). Simple stuff like that shows you put a few minutes at least into thinking of how they can transition best.
I've laid off hundreds of people unfortunately during my careers. It's never as much fun as hiring people. There is no way to make firing a good employee painless, but there are easy ways to make it less painful than it could have been.
