A Performance Improvement Plan (PIP) is a formal approach to remedy an employee's performance gaps, including failures to meet specific job goals or behavior-related concerns. The plan outlines the existing issues and defines what new outputs and behaviors are needed by when. But is a PIP the right choice for your situation? Will it work? Is it worth the effort? Here are some tips on determining if a PIP is the right path and, if so, how to implement one optimally.