Dismissal is where the employer chooses to require the employee to leave, generally for a reason which is the fault of the employee. The most common colloquial terms for dismissal in America is getting fired or getting canned whereas in Britain the term getting the sack or getting sacked is also used.
Termination of employment is an employees departure from a job. Termination may be voluntary on the employees part, or it may be at the hands of the employer, often in the form of dismissal or a layoff. Dismissal or firing is generally thought to be the fault of the employee, whereas a layoff is generally done for business reasons outside the employees performance.
Firing carries a stigma in many cultures, and may hinder the jobseekers chances of finding new employment, particularly if he or she has been sacked from previous jobs. Jobseekers sometimes do not mention jobs from which they were fired on their résumés; accordingly, unexplained gaps in employment, and refusal or failure to contact previous employers are often regarded as red flags. (source : wikipedia)