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Erin from Time Saving Templates introduces the new Employee Performance Review Template, designed to streamline the process of copying and pasting employee performance ratings. This template complements existing tools like the variable compensation bonus calculation worksheet, which uses performance ratings to create a bonus matrix, and the annual merit increase template, which applies performance ratings for base pay increases. The review template consists of an "all employee details" page and is configured for 20 employees, with separate tabs for each individual.