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In this tutorial, Erin from Time Saving Templates introduces the new employee performance review template. This template is designed to streamline the process of integrating employee performance ratings into various worksheets, including those for variable compensation bonus calculations and annual merit increases. The bonus calculation worksheet allows users to set up a bonus matrix based on each employee's performance rating. The template includes an all employee details page, initially blank, set up to accommodate data for 20 employees, with separate tabs for each individual.