Procedure and policy which can define the grading system - grades define the CTC?

Anyone has any policy/procedure which can define the grading system. I just want to know the procedure or anything which can help me to put candidates/employees in a grade and that grade defines his CTC, benefits etc.

Dear Shabir Bhat,
Few queries. What is your organization type?
Don't you have a pre-existing grading system till now?
How are you putting employees in grades and CTC slabs?
If no procedure is there still what is the procedure being followed by you now?

Dear Venkata Vamsi Krishna,
Greetings!
My organization is MSME (Software and ISP provider).
We don't any existing grading system as of now.
We are just hiring employees based on their experience and negotiating their CTC that's it.
We have no procedure for grading and want to put all the existing employees in the grading system. When we will hire any new candidate, we simply put him in a specific grade which should have some parameters/criteria and help and reduce the workload and injustice with other employees.
I highly appreciate your prompt response!
Shabir Bhat