Executive compensation plans are a vital element of a company's overall business strategy. CEOs and upper-level executives are key elements in guiding a company to greater heights of success. These positions require people not only with education and experience, but also with creativity and a clear vision for how they will take a company to the next level. In order to attract the type of people needed in these critical positions, attractive executive compensation packages are required.

Of course, most people are familiar with the dozens of stories that have been in the news lately about the outrageous salary and bonus packages some executives are earning. Executives who receive million-dollar bonus packages each year for little or no effort are understandably scorned by the working people who make far less money. However, most executives do work very hard for their money and bonuses, and their compensation plans should reflect this. An attractive plan might include more than just monetary incentives. It may also include intangible benefits and material incentives. The right package for each company will be determined by that company's industry, goals, culture and public image.

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