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In this tutorial, Erin from Time Saving Templates introduces the newly added Employee Performance Review Template. This template was designed to streamline the process of integrating employee performance ratings, which are essential for other templates, including the Variable Compensation Bonus Calculation Worksheet and the Annual Merit Increase Template. These tools allow users to establish bonus structures and base pay increases tied to performance ratings. The tutorial displays a blank version of the Employee Performance Review Template, which accommodates data for up to 20 employees, featuring separate tabs for each employee's details.