To dissent with the others, I suggest that it stands for "pretext instead-of payment" rather than "performance improvement plan".
If you are ever given a PIP, polish up your resume and look for a new job, immediately. Your company is trying to fire you without giving you either the grounds to sue them or compensatory payment. You will also need to record and regularly back up all interactions with your superiors until you leave. There is no meaningful way to recover from a PIP without a judge or union rep on your side. Your career with that company is over.
If you are ever given a PIP, polish up your resume and look for a new job, immediately. Your company is trying to fire you without giving you either the grounds to sue them or compensatory payment. You will also need to record and regularly back up all interactions with your superiors until you leave. There is no meaningful way to recover from a PIP without a judge or union rep on your side. Your career with that company is over.