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Yes, look for another opportunity. What reason they told and what was your ratings?
Get in touch with your leader and find out the reason for pip. Ask leader how to improve your performance and the challenges you are facing. Communication as much as possible with your leader. Ask for feedback and work on it and show if you mange to improve.
If you analyse it is not working for you, try opportunities outside.
PIP is performance improvement plan .U will be kept under observation for ur productivity n quality. Based on ur company it can last for 1 mnth to 3 months ,and if u dnt meet their benchmark ,then they will move u to PAP which is performance action plan,here they can take action on u .My suggestion is to work hard and come back performing well n then resign.
try somewhere else, once they put u on PIP, make no difference how much u try ,take it certain they will send u out. update ur resume, get a new job.