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In this tutorial, Erin from Time Saving Templates introduces the new Employee Performance Review Template. This template assists in managing employee performance ratings, which are essential for various applications, including the Variable Compensation Bonus Calculation Worksheet and the Annual Merit Increase Template. Both of these tools utilize performance ratings to establish a bonus matrix and determine merit-based pay increases. The tutorial features a blank version of the template, designed to accommodate up to 20 employees, highlighting a dedicated tab for each employee's details. This structured approach facilitates efficient performance evaluation and compensation planning.