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In this tutorial, Erin from Time Saving Templates introduces the new Employee Performance Review Template. This template is designed to facilitate processes requiring performance ratings, such as the Variable Compensation Bonus Calculation Worksheet and the Annual Merit Increase Template. These tools allow users to set up bonus matrices and base pay increases based on individual performance ratings. The tutorial showcases a blank version of the Employee Performance Review Template, which is configured to manage details for 20 employees, with separate tabs for each employee's information.