At least when you're laid off, you get severance. When you're put on PIP you know your days are numbered and that you'll be fired at the end of it. No severance and no other benefits. Also, why neither is ideal, a layoff is certainly easier to explain to a potential employer than having to say you were fired.
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EM can't lay people off since they are understaffed. They must continue this PIP bullsh*t so that the 2020 PIP did not look like a way to remove people to MOM. So if you are PIP, weather it through....you will 99.99% pass.
PIP is just a prolonged agony. .