Hello Gazal Kalia,
Since you are a member of this Forum since Feb, 2015, it may be pertinent to suggest you to give ALL the relevant inputs for the other members to give practical & workable suggestions/solutions.
Else, you are leaving the facts of the case to each member's understanding of the situation [which could be right or wrong]--in the process loosing sight of the best-possible solution that can work for you.
1] What's your locus-standi--are you the HR?
2] What's the function of this employee--workman or executive level?
3] It would be better IF you can elaborate on what actions have 'so far' been taken by the Company--IF at all. Like Dinesh Divekar & (Cite Contribution) pointed-out, a lot usually depends on 'from what/which angles' was the counselling/interaction between the employee & Company in such situations--whether any workable solution emerges.
4] Any idea of his family background? Quite often, the employee hesitates to share family issues that COULD be effecting his/her work performance UNLESS someone from the Organization spends some time & effort to understand his/her personal issues [for which AGAIN it depends on the sort of Comfort level the Organization has tried to create]. Since you say he is still in Probation, I am not so sure IF this has been done.
5] Have you checked about his inter-personal relationships with his boss/peers? Any issues on that front?
In a nutshell, WHAT exactly is/are the problem(s)--from YOUR perspective? Forget about the solution(s) for now.
Unless one knows the problem, I don't think one can even work towards a solution, let alone finding it/them.
Like (Cite Contribution) mentioned, "Its easy to fire". However, never foreclose that option--it has to be available as the LAST one on the table. If you give any indication to any employee that 'firing' is NOT an option, you are bound to have other behavioral/attitude issues that you will find tougher to handle later.
Pl give more details of the case so that the members can lead you to the most realistic/workable & relevant suggestions.
Rgds,
TS