Vinisha, first of all, we in this group have no idea about your company's 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 your designation is in HR, whether managerial, HOD, Executive), and come out with a rough-cut draft to try to improvise on that. In that way, you will also have the opportunity to learn and become a real HR Pro in due time.