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In this tutorial, Erin from Time Saving Templates introduces the new Employee Performance Review Template. This template is designed to streamline the process of inputting employee performance ratings for various applications, such as a variable compensation bonus calculation worksheet and an annual merit increase template. Both of these tools utilize performance ratings to establish bonus matrices and base pay increases for employees. Erin provides a glimpse of the blank template, highlighting the "All Employee Details" page, which is structured to accommodate up to 20 employees, with individual tabs for each employee's information.