Ivanka Trump knows when to say, 'You're fired!'

ivanka trump
Ivanka Trump at the Forbes Women's Summit in New York City.

Her father may have tried to trademark the phrase, "You're fired!" but Donald Trump's daughter Ivanka Trump also knows when it's time to let someone go.

Trump heads up development and acquisitions at The Trump Organization, which has over 20,000 employees. She also has her own clothing and jewelry line.

"The decisions you make on the hiring front, that's key," she said Wednesday at the Forbes Women's Summit in New York. "The opportunity cost of hiring the wrong person is so enormous."

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When hiring, she said she looks for people who are strong where she isn't.

"I always say to myself that I shouldn't be doing things that people can be doing better than me," she said.

If someone needs to be let go, she said it's important to be disciplined. It's about being kind to the employee while being honest with yourself and the needs of your business.

"Sometimes it was the right hire for you five years ago and it's not a great hire for you today," she said, adding that it often happens when the firm's focus shifts or when the company outgrows the person's skill set.

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Trump also spoke about being a woman in business. She said that one of her first business trips was to the Middle East with her brother. Once they landed, her brother went in one car and she went in another.

She ended up at a mall. Her brother did not.

Trump said she was told, "Well, they thought that you would prefer to go shopping while your brother is in the office."

She laughed and told the crowd, "We have a long way to come globally and, obviously, domestically."

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