It's called "perfing" (as in, if you do something bad, you might get "perfed hard" next cycle) and managers frequently threaten to take people "into the Perf Room" although it's just an expression (there isn't actually a dedicated "Perf Room"). Anyone who gets below 3.0 (Meets Expectation) during the calibration process is called a "PB" It used to be "pillow biter" but you can't make that joke anymore so it's just "PB", as in "How many PBs does Exec want us to have this cycle?"
It's offensive and backward, but it's also hilarious that grown men (and women, if they ever get let in to executive circles) are using language that sounds like it was invented by teenagers.