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In this tutorial, Erin from Time-Saving Templates introduces the new Employee Performance Review template. This template was developed to streamline the process of integrating employee performance ratings into various worksheets, including a variable compensation bonus calculation and an annual merit increase template. These tools utilize performance ratings to create bonus matrices and determine base pay increases for employees. The tutorial features a blank version of the Employee Performance Review template, designed to accommodate data for up to 20 employees, with a dedicated tab for each employee's details.