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In this tutorial, Erin from Time Saving Templates introduces the newly added Employee Performance Review template. This template is designed to facilitate the process of inputting employee performance ratings, which are essential for various related templates, including a variable compensation bonus calculation worksheet and an annual merit increase template. These tools allow for the creation of bonus matrices and pay increases based on individual performance ratings. The tutorial includes a demonstration of a blank version of the template, which is set up to accommodate details for 20 employees, with separate tabs for each employee's information.