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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 inputting employee performance ratings, which are essential for other templates like the Variable Compensation Bonus Calculation Worksheet and the Annual Merit Increase Template. Both of these templates utilize performance ratings to create bonus matrices and determine base pay increases. Erin showcases the blank Employee Performance Review Template, which accommodates details for 20 employees, with separate tabs for each employee's information.