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A satisfied employee is a contributing employee, it is a fact and non disputable. An unsatisfied employee will be only thinking how to make his condition better and may be looking at options for better placements also and if not then he is a source or rumors and belly aching. Thus this employee cannot contribute effectively. Thus what should be done, termination is the easiest option but worse one too, it is better to ask what is ailing this employee and take actions to address them and help him over come the cause of dissatisfaction.
A good and mature HR is best suited for this.