What's Your Fire-Hire Back Policy?

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The struggling Los Angeles Lakers announced today that their next head couch will be one Phil Jackson--the man they pushed out as head coach a year ago, despite the fact that he had led the team to three championships in five years. As HR experts warn that the talent wars are about to heat up again, I wonder if more and more businesspeople will be faced with the equivalents of Phil Jackson at their companies. Can you think of one person you have fired whom you would gladly hire back today? Do you have a policy against hiring back people who have been terminated from your company? Or, have you actually hired back someone before--and if so, how did it go?

Mike Hofman was previously editor of Inc.com and a deputy editor at Inc. magazine, which he joined in 1996. The site was nominated for a National Magazine Award for Digital Media in 2010, and was named the best business website by Folio Magazine. In 2006, Hofman was part of a team of writers nominated for a Webby Award for best business blog. He lives in New York City. @mikehofman