Pip has been around a while. Some bosses use it to document cases when they expect the employee to get fired, trying to cya if sued.
Others pull them out only when being pressured to find someone to let go. In these cases, a pip is a career death sentence.
Whenever I've used pips before the employee sooner or later got canned or left on their own. My recommendation is get a job offer lined up and let them pip you with a severance.
Copied from @rsx+1iOJcCin.