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In this video tutorial, Erin from Time Saving Templates introduces the new Employee Performance Review template. This template addresses the need for integrating employee performance ratings into various other templates, such as the variable compensation bonus calculation worksheet and the annual merit increase template. These tools allow users to establish bonus matrices and salary adjustments based on performance ratings. Erin showcases the blank version of the template, which accommodates data for up to 20 employees, with individual tabs for each. The presentation emphasizes the template's functionality in simplifying performance evaluation processes.