... isn't it a bit like the opposite of pass the parcel? Instead of getting a prize you have to make a forfeit.
So, you get sacked. Details of how crap you were go on your CV. You lose any bonuses and pension credits during the time you were crap.
Not if you are Grant Schapps, or many others like him in high places. In his case the buck has not stopped, merely paused on its way down the food chain till it finds someone who can be safely sacked at not much cost.