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Erin from Time Saving Templates introduces the new Employee Performance Review Template. This template was created to simplify the process of entering employee performance ratings, as it integrates with other templates, such as the Variable Compensation Bonus Calculation Worksheet, which utilizes performance ratings to establish a bonus matrix, and the Annual Merit Increase Template, which adjusts base pay increases according to performance ratings. The tutorial features a blank version of the template, showcasing the "All Employee Details" page designed for tracking up to 20 employees, with separate tabs for each individual.