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In this video tutorial, Erin from Time Saving Templates introduces the new Employee Performance Review Template. This template addresses the need for consistent performance ratings across various templates, including a variable compensation bonus calculation worksheet and an annual merit increase template. Both templates utilize performance ratings to establish bonus matrices and base pay increases for employees. The tutorial showcases a blank version of the Employee Performance Review Template, designed to accommodate details for up to 20 employees, featuring separate tabs for each employee's information.