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In this tutorial, Erin from Time Saving Templates introduces the newly added Employee Performance Review Template, designed to facilitate performance evaluations. This template is part of a suite that includes tools for calculating variable compensation bonuses and annual merit increases based on employee performance ratings. Erin highlights that the template allows users to easily copy and paste performance ratings into various worksheets. The initial view of the template shows a blank all employee details page, structured to accommodate up to 20 employees, with distinct tabs for each individual to manage their performance data effectively.