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In this tutorial, Erin from Time Saving Templates introduces the newly added Employee Performance Review Template. This template was developed to complement other templates that require performance ratings, such as the variable compensation bonus calculation worksheet and the annual merit increase template, both of which utilize employee performance ratings to establish bonus matrices and base pay increases. Erin showcases a blank version of the template, specifically designed to accommodate details for up to 20 employees, with separate tabs for each employee to streamline the performance review process.