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I had a coworker be put on a PIP and get promoted. Some people do better with clearly defined goals and expectations
Second this - they can be a real advantage not only to employees but also managers because they bring clarity to the relationship
Agreed with SE1. To me PIPs done right have two things: clear expectations to help the individual grow, and they need to happen with either very good spirit or before the individual is burnt out by a grinding experience. To me a good manager will identify and start the PIP before the worker feels burnt, a GREAT manager will do so without the need of a PIP.
OP, if you're on a PIP, think of it as a fresh start and try not to let previous misconceptions or prejudices get it the way. Make sure expectations are super clear and crank it out.