It depends a lot on what kind of crime you're dealing with.
This isn't a matter of teaching the executives of Hertz that no, they don't need to commit crimes to survive, and how to access alternative means of survival, and all that.
They did this because they were greedy, lazy, and they knew they wouldn't suffer much for it. When you're dealing with white-collar sorts of crimes like this, deterrence is a thing.
Prison is not the right fit. If you want deterrence, make them pay directly towards the victims. Put them on house arrest. Put them on probation. Ban them from holding a managerial or executive role.
There are plenty of alternatives that don't involve locking people in cells - and that are probably more effective a deterrent.
While there are other options as you pointed out, I'm not sure it's realistic to say they're more likely an effective deterrent than prison.
People pay tons of money to avoid prison, even temporarily - see lawyers, bail, etc. Same goes for getting prison sentences reduced, even just in part, to house arrest and probation.
Just what amount of fines, house arrest, and probation is going to be more effective a deterrent than prison?
I think there's a reasonable discussion to be had about where the line is between 'enough' deterrence and excessive punishment, but it's a bit absurd to claim that things people happily accept in lieu of going to prison will be more of a deterrent than prison.
This isn't a matter of teaching the executives of Hertz that no, they don't need to commit crimes to survive, and how to access alternative means of survival, and all that.
They did this because they were greedy, lazy, and they knew they wouldn't suffer much for it. When you're dealing with white-collar sorts of crimes like this, deterrence is a thing.