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In this tutorial, Erin from Time Saving Templates introduces the new employee performance review template. This template was created to complement existing tools that require performance ratings, such as the variable compensation bonus calculation worksheet and the annual merit increase template. Both tools utilize performance ratings to establish bonus matrices and base pay increases for employees. The tutorial showcases a blank version of the employee performance review template, designed to accommodate details for up to 20 employees, with distinct tabs or pages for each employee.