Dismissed female I embarrassed (5)
I believe the answer is:
fired
'dismissed' is the definition.
('fire' can be a synonym of 'dismiss')
'female i embarrassed' is the wordplay.
'female' becomes 'f' (abbreviation).
'embarrassed' becomes 'red' (someone may blush or go red when embarrassed).
'f'+'i'+'red'='FIRED'
(Other definitions for fired that I've seen before include "Set ablaze" , "Dismissed; set off" , "sent up in flames" , "with P45?" , "Encouraged" .)