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In this video tutorial, Erin from Time Saving Templates discusses the Variable Compensation Bonus template. The template, found in the human resources spreadsheets section, is designed to help calculate bonus payouts. Green cells must be filled out, white cells are for additional information, and gray cells will calculate automatically. Erin addresses a common question about managing the template when sending it to different managers for input. She explains the process of consolidating the files once managers have filled them out.