Assuming you know your job may be on the line and severance is not an option. I know it may depend on your state as well and how they handle unemployment. In my state for example if you get fired based on metrics you would still qualify for unemployment. Would you feel like "Yes, let them just fire me so they can pay my unemployment" or would you rather quit and move on to avoid having to report to future jobs you were fired?
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Generally speaking, if you get fired for performance issues, you're not getting unemployment benefits (it's certainly not guaranteed). You only get unemployment benefits if you lose your job through no fault of your own. So, slacking off to the point where you get fired and then hoping you get benefits is a d-mb plan. Do your work because that's what you're being paid to do, or don't, and leave.
I don't let my performance slip to a point where firing is even an option.
But I'd much sooner find a job somewhere else and quit, because I'm an adult and control my own destiny.