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In this video tutorial, Erin introduces the newly added Employee Performance Review Template from Time Saving Templates. This template is designed to facilitate the integration of employee performance ratings into various worksheets, such as the Variable Compensation Bonus Calculation worksheet and the Annual Merit Increase Template. These resources allow users to create bonus matrices and determine base pay increases based on performance ratings. A blank version of the template is showcased, configured for 20 employees with separate tabs for each, providing a structured approach for managing employee performance data.