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In this tutorial, Erin from Time Saving Templates introduces the new Employee Performance Review template, designed to streamline performance rating processes. This template is useful for integrating with other tools, such as the Variable Compensation Bonus Calculation worksheet, which utilizes employee performance ratings to determine bonus allocations. Additionally, the template works alongside the Annual Merit Increase tool, allowing for differentiated base pay increases based on performance ratings. The presentation includes a blank version of the template that accommodates up to 20 employees, organized into separate tabs for each employee's details.