American companies and their employees don’t think their current benefit programs are fully meeting their needs, says a survey by Towers Perrin.

Just 25% of the executive respondents agreed their programs are very effective at meeting cost control objectives and less than half said their programs are very effective at meeting recruiting and retention objectives.

Most employee respondents said their benefit programs were not very effective at meeting their needs for building their retirement nest eggs and affordable healthcare.

“Ultimately,” says Dave Guilmette, Towers Perrin’s managing director for health and welfare practice, “it may be time to revisit certain assumptions about benefit design and delivery, because this survey shows the current approaches are not working as well for employers or employees.”

To read the survey, click here.

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