Consult a doctor

Design and implementation of a password hashing setup is serious business
Larger organizations (with millions of users or with particularly high-value accounts - e.g., online banking) may benefit from custom setups, but independent review by a qualified consultant is a must
Smaller organizations are better off using pre-existing solutions
Currently this means straightforward use of bcrypt
A short-term recommendation only, unfortunately
Independent review is highly desirable, but is not crucial