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In this video, Erin from Time Saving Templates introduces the new Employee Performance Review Template. This template is designed to facilitate the input of employee performance ratings, which is crucial for other templates such as the Variable Compensation Bonus Calculation Worksheet and the Annual Merit Increase Template. Both of these templates utilize performance ratings to determine bonus matrices and base pay increases for employees. Erin demonstrates the blank version of the Employee Performance Review Template, showcasing the “All Employee Details” page, which is set up for 20 employees with separate tabs for each individual.