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In this tutorial, Erin from Time Saving Templates introduces the new Employee Performance Review Template. This template simplifies the process of copying and pasting performance ratings for employees, which is useful for various purposes, including a variable compensation bonus calculation worksheet and an annual merit increase template. Both worksheets utilize the performance ratings to establish bonus and pay increase matrices based on employee performance. Erin presents a blank version of the template, highlighting the all employee details page designed to accommodate up to 20 employees, with designated tabs for each employee to input their data.