Understanding PIP in Performance Management
PIP stands for Performance Improvement Plan. It is a part of the Policy on Performance Management System or Policy on Performance Appraisal. You cannot have a separate policy only for PIP.
In either of the policies mentioned above, you may add an appendix on PIP. It may specify who will be placed under PIP, why they will be placed, how long they will be placed, what the manager of a person who is placed under PIP will have to do, and what will happen if the performance does not improve upon completion of PIP. You also need to include a clause on the process of separation for failing to improve performance.
Thanks,
Dinesh Divekar