lay off vs dismiss

lay off and dismiss both are verbs.

Word	Noun	Adjective	Verb	Adverb
lay off	No	No	Yes	No
dismiss	No	No	Yes	No

As verbs, dismiss is a hypernym of lay off; that is, dismiss is a word with a broader meaning than lay off:

lay off (verb)	dismiss (verb)
dismiss, usually for economic reasons	declare void
put an end to a state or an activity	bar from attention or consideration
	end one's encounter with somebody by causing or permitting the person to leave
	cease to consider; put out of judicial consideration
	terminate the employment of; discharge from an office or position
	stop associating with