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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 integration of employee performance ratings into various other templates, such as the Variable Compensation Bonus Calculation Worksheet and the Annual Merit Increase Template. Each of these templates utilizes performance ratings to create bonus and pay increase matrices for employees. Erin presents a blank version of the Employee Performance Review template, which is set up for 20 employees and features a dedicated tab for each individual, enabling organized and efficient performance assessment.