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In this tutorial, Erin introduces the new Employee Performance Review Template from Time Saving Templates. The template is designed for use in conjunction with other tools, such as a variable compensation bonus calculation worksheet and an annual merit increase template, both of which require employee performance ratings. Erin demonstrates the blank version of the template, which accommodates up to 20 employees, each with their own dedicated page for details. This setup allows for efficient copying and pasting of performance ratings into various matrices, facilitating appropriate bonus calculations and merit increases based on employee performance evaluations.