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Erin from Time Saving Templates introduces a new Employee Performance Review Template designed for efficient management of employee evaluations. This template is part of a suite that includes tools for variable compensation and annual merit increases, allowing for seamless integration of performance ratings into bonus calculations and pay increases. The overview includes a blank template set up for 20 employees, with separate tabs for each individual. The goal is to simplify the process of assessing employee performance and linking it to compensation structures.