Vinisha, first of all , we in this group have no idea about your company, business model, past performance, future goals etc., all the mentioned parameters are essential to arrive at the subject. It is ideal and preferable that you sit with your HR team, tag other team members (I do not know what is your designation in HR, whether managerial , HOD, Executive) and come out with a rough-cut draft and try to improvize on that. In that way you will also have the opportunity to learn and become a real HR Pro in due time.