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In this tutorial, Erin from Time-Saving Templates introduces the newly added Employee Performance Review template. This template was created to streamline the process of inputting employee performance ratings, which is necessary for other templates, such as the Variable Compensation Bonus Calculation Worksheet and the Annual Merit Increase Template. These tools facilitate the establishment of bonus matrices and base pay increases based on employee performance. Erin presents the blank version of the template, highlighting the "All Employee Details" page, which is designed to accommodate information for up to 20 employees, with distinct tabs for each employee.