Organizations Should Inculcate the Habit of Document Retention
It is crucial for organizations to stay compliant with document retention guidelines. They run the risk of inviting lawsuits if they fail to.
Document or record retention is a very important, yet tricky part of an organization’s working. This is because there are comprehensive guidelines as to the duration and type of document retention, depending on the nature of the document. Failure to comply with the regulations lands the organization in legal trouble.
There are a myriad number of types of documents that need to be retained by an organization. Each of these comes with a stipulated time period. A few of the kinds of documents that have to be retained:
- Employee records;
- Tax and expense records;
- Board level meetings records;
- Public filings/press releases;
- Files relating to the legal aspects of the organization;
- Intellectual property consisting of patents, copyright, trademarks, trade secrets;
- All kinds of contracts the organization may have entered into;
- Stipulated kinds of emails.
Given the enormity and complexity associated with document retention; organizations could consider the following:
- Publish information about document retention to respective departments and employees;
- Get expert help in sorting out confusion regarding the periodicity of document retention;
- Ingrain the habit of document retention into the organizational mindset;
- Make it part of organizational policy.
In conclusion, the regimen of retaining of documents has to be instilled into the relevant employees in the organization. To know more about how to do this better, you can enroll for our Related Webinars