Record Retention Policy Template

Record Retention Policy

Purpose of Record Retention Policy

The Record Retention Policy defines how [Company Name] creates, maintains, stores, retains, archives, and disposes of corporate and employee records. The policy exists to ensure consistent recordkeeping, protect sensitive information, support business operations, and enable compliance with applicable obligations. It sets expectations for retention periods, access controls, secure disposal, and the handling of legal holds.

Scope

This Record Retention Policy applies to all employees, contractors, temporary staff, and third parties who create, manage, or access records on behalf of [Company Name]. It covers physical and electronic records in all business units and locations, including emails, personnel files, payroll data, recruitment records, contracts, business correspondence, and financial documents.

Records Covered

Records covered by this policy include but are not limited to:

• Employee and personnel records
• Payroll and compensation records
• Benefits and insurance records
• Recruitment and interview records
• Contracts, agreements, and vendor records
• Financial and accounting records
• Health, safety, and incident reports
• Emails and business communications
• IT system logs and backup files

Retention Schedule

[Company Name] will maintain a documented retention schedule that specifies retention periods for each record type. The retention schedule will be based on business needs, risk management, and any applicable obligations. Where necessary, retention periods may be extended by a legal hold or by direction from HR, Legal, or Compliance.

Examples of how retention periods are applied:

• Retention periods are defined in the master retention schedule. Do not destroy records before the scheduled retention period expires.
• Short-term or routine documents may be retained for the period specified in the schedule and then securely disposed of.
• Certain categories such as medical or sensitive personnel records may have restricted access and longer retention periods as defined in the schedule.

Storage and Security

All records must be stored securely with appropriate physical and technical safeguards. Security controls include access permissions, encryption for electronic records when appropriate, locked storage for physical records, and secure backup procedures. Access to sensitive or confidential records must be limited to authorized personnel on a need to know basis.

Access and Confidentiality

Employees and managers must protect the confidentiality of records and adhere to access policies. Requests for access to employee or confidential records should follow the company s standard request procedures and be approved by HR or the record owner. Records accessed for business reasons must not be shared outside authorized channels.

Disposal and Destruction

When records reach the end of their retention period and are not subject to a legal hold or active review, they must be disposed of in a secure manner consistent with their classification. Disposal methods include shredding or secure disposal for physical records and secure deletion or overwriting for electronic records. Disposal must be documented in accordance with the retention schedule.

Legal Holds and Exceptions

If a record is subject to litigation, investigation, audit, or other legal request, a legal hold will be issued and the record must be preserved until the hold is released. Managers and employees must not alter or destroy records under a legal hold. Exceptions to the retention schedule may be approved only through the defined Approval Process.

Roles and Responsibilities

HR is responsible for maintaining the retention schedule, providing guidance, and coordinating legal holds. Department managers are responsible for ensuring records under their control are managed according to this Record Retention Policy. Employees are responsible for following retention and disposal procedures for records they create or handle. IT is responsible for secure storage, backups, and technical controls for electronic records.

Approval Process

Requests for changes to retention periods, exceptions, or early disposal must be submitted in writing to HR using the company s approved form or process. HR will review requests and consult with relevant stakeholders, including the requestor s manager and Legal or Compliance as needed. Final approval for exceptions will be documented and retained with the retention schedule. Routine approvals for access or internal record actions will follow delegated authorities defined by HR and department leadership.

Non-Compliance

Failure to comply with this Record Retention Policy may result in corrective action, up to and including disciplinary measures. Non-compliance that places the company at risk may lead to additional consequences such as restrictions on system access, mandatory retraining, or further HR action. Employees should report suspected violations to their manager or HR promptly.

Note

This Record Retention Policy may be updated periodically to reflect changes in business practice, technology, or company requirements. Employees will be notified of material updates. For clarification about how the policy applies to specific records or processes, employees should contact HR.