Generally speaking, a Performance Improvement Plan usually pertains to an employee that is being considered for termination. They are put on a PIP which usually means they have 60 - 90 days to shape up or ship out.
I have borrowed the term to apply it to this process for optimizing the performance of companies of every size, stage and industry. Actually, I have been referring to this process as Corporate Performance Optimization (CPO) and executing it through The Critical Factors Management System since 2008.
In order to make this process of corporate performance optimization more accessible, I created a checklist of the exact steps I follow when I implement The Critical Factors Management System into client companies. I also wrote a manual that explains how to execute each step of the checklist. And then my marketing team convinced me to call it THE PIP.
It's more catchy and more fun but it is not play. Optimizing the performance of an entire company is serious work and you can get started today by following the steps of THE PIP Checklist.
Just as a performance improvement plan is usually employed when the performance of an individual employee requires improvement, THE PIP will systematically improve the performance of your company as a whole.
And, just as a performance improvement plan is put in place as part of an effort to reverse an undesirable trend, THE PIP is a permanent solution to low productivity, low morale, diminishing profits, lower cash flow and most, if not all, low performance indicators.
THE PIP is a 7 Step Process that not only creates alignment, drives accountability and inspires engagement, it is also a systematic process for consistently and objectively monitoring performance and ensuring timely course correction.
THE PIP is, in fact, a systematic process for creating sustainable increase in profitability.
But don't simply take my word for it.
Download THE PIP Checklist and determine for yourself the positive impact that THE Performance Improvement Plan can have on improving productivity in your company.