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In this tutorial, Erin from Time Saving Templates introduces the newly added Employee Performance Review Template. This template is designed to facilitate the copying and pasting of employee performance ratings, which are essential for various related templates. It integrates with a variable compensation bonus calculation worksheet that allows for the creation of a bonus matrix based on performance ratings. Additionally, it connects to an annual merit increase template, enabling adjustments in base pay increases linked to performance. Erin presents a blank version of the template, highlighting its structure to accommodate details for up to 20 employees, with separate tabs for each employee's information.