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In this tutorial, Erin introduces the new Employee Performance Review template from Time Saving Templates. The template was created to streamline the process of inputting employee performance ratings into various tools, such as a variable compensation bonus calculation worksheet and an annual merit increase template. These tools allow users to establish bonus matrices and base pay increases based on employee performance ratings. Erin presents a blank version of the template, designed to accommodate up to 20 employees, and highlights that each employee has a separate tab or page for organization.