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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 streamline the process of copying and pasting employee performance ratings into various related templates. Notably, it supports a Variable Compensation Bonus Calculation Worksheet and an Annual Merit Increase template that utilizes performance ratings to create bonus and base pay increase matrices. The tutorial also showcases a blank version of the template, highlighting the "All Employee Details" page, which is set up to accommodate details for 20 employees, with separate tabs for each employee to facilitate organization and data entry.