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Pro
I had the same question! I joined in Jan this year and there was no low performance from my end yet my manager gave me IM. What i heard from other employees is that few managers do change to meets and few managers continue keep as IM during year end also. And if you get 2 IM in a row does it qualify for a PiP or its again still a managers discretion?
Pro
Not sure if its legit or not, but the talks are such that it feels legit.. even i hear some of the managers saying it