Cafeteria Approach to Compensation: What Should Be Included in the Policy Guidelines?

Hi, I am involved with the implementation of the Cafeteria Approach to Compensation. I have to prepare a policy/guidelines for the same. Please share what necessary things need to be addressed or a sample policy from any reputable organization. Thanks in advance.

Nowadays, companies have moved from the earlier fixed salary components approach to the CTC (cost to the company) concept as far as compensation is concerned. This leaves the employee with the freedom to structure his pay packet, depending on what stage of his career he or she is at. It also helps employees meet financial aspirations. A win-win situation for both the employee and the employer!