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In this video, Erin from Time Saving Templates introduces their new Employee Performance Review Template. This template was developed to streamline the process of copying and pasting employee performance ratings, essential for various other tools like a variable compensation bonus calculation worksheet and an annual merit increase template. These tools utilize performance ratings to set up bonus matrices and determine base pay increases based on employee performance. Erin presents a blank version of the template, showcasing the "All Employee Details" page designed for up to 20 employees, with separate tabs for each individual.