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In this tutorial, Erin from Time Saving Templates introduces the new employee performance review template. This template is designed to streamline the process of integrating employee performance ratings into various other templates, including a variable compensation bonus calculation worksheet and an annual merit increase template. Both of these use the performance ratings to establish a bonus matrix and adjust base pay increases for employees, respectively. Erin showcases the blank version of the template, highlighting the "All Employee Details" page, which accommodates up to 20 employees, with separate tabs for each employee’s details.