Is it possible to set the conditional format of a cell where it will go look
to a range of cells (B2:M150) in another (open) workbook called Employee
List (on worksheet Employees) for the value of the current cell and then set
the format based on the value which in column M. I guess this would be
similar to a Vlookup.

So if it found the value in cell B94 (which is a persons name) it would set
the conditional format based on the value of cell M94 (which in this case
would be PTO, but could be any number of things depending on the name in
column B)