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Erin from Time Saving Templates introduces the new employee performance review template, designed to streamline performance evaluations. This template is beneficial for several other templates that require pasting employee performance ratings, such as the variable compensation bonus calculation worksheet and the annual merit increase template. These tools help create matrices for determining bonus amounts and base pay increases according to individual performance ratings. Erin provides an overview of the blank version of the template, which is structured to accommodate details for 20 employees, with separate tabs for each employee's information.