Is the information available from the public library, an online source, a database, or company central files? Once you have created your records retention program you need to communicate these records storage solutions with everyone in your company.
The consequences of even one employee not following your records storage solutions program can be the difference between winning a losing a lawsuit or being in violation of privacy laws. Place the guidelines in your employee handbook and cover it every year with any changes. The records should be stored in a secure location that is climate controlled and also has a fire suppression system.
Many companies find the cost of creating a storage area to be cost prohibitive. Companies today outsource their records storage to a secure records storage company that offers record backup services. They can provide the secure storage and record backup services and even help you index your files for easy retrieval.
To get you started, here are some basic guidelines for the length to maintain your records. Laws vary by state so you should have your attorney review your program once it is completed. Homepage » Record Nations Articles » Business Records Retention Times Document retention times are one of the most important parts of your records retention plan.
What Is a Records Retention Program? Why Create a Records Retention Program? What Concerns Should Be Weighed? The four principles to balance when creating a records retention program are: 1 Is there a legal requirement for keeping the document? Depending on your industry regulations or business needs, you may choose to keep certain records longer, or even store them in a different manner than other records you maintain. Records retention is driven by a system of policies, scheduling and infrastructure that enable administrators to comply with governing regulations, laws and business best practices.
A retention schedule is a system of classification that standardizes the different types of records your organization manages and how long they need to be kept. A successful retention schedule is routinely updated to ensure that rules for records retention included in the schedule comply with all laws and regulations which pertain to them. Here is a simplified example of a retention schedule for a higher education institution, which includes the codes, document types, retention periods and mediums of the records in question.
Records retention policies govern the classification, storage, preservation and destruction of all records in an organization. These policies help to ensure that important records are not mishandled, and that temporary records are discarded promptly in an effort to reduce risk and keep the records management system clean, coordinated and secure. Powerful records management systems enable organizations to monitor records throughout their lifecycle, specifying when a record was originally filed and when it will be eligible for destruction.
Records are only as good as they are accessible. Also, electronic storage facilitates easy retrieval of information and allows for efficient access to documents. Organizations may also elect to go paperless as part of a commitment to sustainability. Employers have options when creating an electronic record-keeping strategy and numerous vendors and software platforms are available.
A cloud-based or software-as-a-service SAAS approach allows companies to implement new processes faster, update software with greater ease and remove tech support burdens from HR. On the other hand, some professionals find that private on-premises systems offer more control in determining how to use, store and locate data. What factors should we consider when converting personnel files from hard copy to electronic format?
The Compliance Risks of I-9 Software. Compliance guidance is provided for certain types of records such as I-9 forms and OFCCP rules for federal contractors. For an overview of specific requirements by type of record, see:. Employers need to understand the requirements of the law in the state s where their employees work and define internally what access is permitted in states where there is no regulatory requirement.
Some considerations include:. A multistate employer needs a flexible policy, so it is applicable to all employees. For example, a statement such as "Access to personnel files will be provided according to state law" is appropriate.
Access to Employee Personnel File Policy. Employers must implement safeguards to protect personal employee information. Identity theft has become a top consumer fraud issue, and the Federal Trade Commission FTC reports that identity theft tops the list of consumer complaints that are reported every year. Every employer maintains records that are at risk of theft and misuse; therefore, employers should develop processes that protect this sensitive employee information.
How to Prevent Data Breaches. There are numerous federal and state laws that govern retention of employment records.
Employers must ensure that all records are maintained, either in hard copy or electronically, for the minimum period of time required. Often, employers will use a 7-year rule for purging terminated employee files as this typically covers state and federal statutes of limitations; although shorter retention periods may suffice for some records such as I-9 forms and longer periods may apply to other records such as OSHA exposure records.
SHRM has a chart on federal record retention requirements to assist in identifying statutory requirements. How long should written warnings or counseling statements stay on file? After a business closes, what do we do with company and employee records?
While most record-retention requirements are dictated by federal or state statutes, there are some situations where no time period is prescribed. This uniform law has been enacted by a number of states and provides a general guideline in others, although employers should consult with legal counsel to determine their individual compliance obligations and suggested best practices. Once an employer has fulfilled the requirements to retain employment records, an effective disposal plan must be adhered to.
Simply tossing employment records in the trash creates a significant risk of theft or misuse of employee information that may result in regulatory investigations, fines, potential civil lawsuits, bad publicity and damage to the employer's brand. When employment records contain personally identifiable information PII such as a name, address, Social Security number, etc.
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