Finding senior executives capable of motivating people, communicating a vision, and leading a company to the top can be challenging. And with concerned investors closely monitoring company performance, businesses are under enormous pressure to retain qualified executives once they hire them.

Obviously, a company with a clear vision, unique ideas, or a novel product has a much better chance of attracting the best candidates at all levels. But to keep the momentum going, it's crucial to secure top talent at the executive level. Generally, executives are swayed by a unique and challenging opportunity — not just an attractive compensation package.

However, overall compensation is still important. In today's job market, qualified candidates enjoy more negotiating power than ever. This means you need to be flexible and consider the compensation packages your competitors offer. Since candidates know they can command a high salary, extra incentives can make the difference in an executive's decision to join a company. Consider the following types of alternative compensation when you negotiate with executives and senior-level employees.