What is record retention policies?

Document retention means the manner of retaining the Company’s documents and the time period up to certain documents are to be retained by the company and the time period when such documents can be allowed to be purged.

What should be in a document retention policy?

A document retention policy lays the ground rules for how your company will manage documents and records from creation to destruction. This includes both physical and digital records like: Emails. Invoices.

What are examples of retention period?

For example, if financial records have a retention period of five years, and the records were created during the 1995-1996 fiscal year (July 1, 1995 – June 30, 1996), the five-year retention period begins on July 1, 1996 and ends five years later on July 1, 2001.

Why to have a record retention policy?

It is important for every organization to have an established Record Retention Policy (RRP) that provides for the retention and destruction of documents and other records maintained by the organization. Over-saving records, storing them indefinitely or simply longer than needed, can create unnecessary burdens that could easily be avoided.

What you should know about record retention?

hold great importance for a company.

How long should you keep employee files?

How long to keep employee records. Data such as employees’ personal records, performance appraisals, employment contracts, etc. should be held on to for 6 years after they have left.

What is standard document retention policy?

A document retention policy will contain guidelines how to identify documents that need to be maintained, how long certain documents should be retained, how and when those documents should be disposed of if no longer needed, and how should be accessed or retrieved when they are needed.