The retention period of documents is important to ensure a business remains compliant, according to LinkedIn. Having a record retention schedule is also essential to make sure a company doesn't hold on to documents for longer than necessary, which can save money and space.
Specific records that should be included in a retention schedule include any that show proof of business activity, notes LinkedIn. Records should be sorted into specific categories as well, such as legal, financial and human resources. Specific regulations and laws determine record retention. Such laws and regulations are dependant on the business's specific jurisdiction and industry. Records can be electronic or physical copies.