2018

Managing Records effectively is not just compliance but has become a necessity for all the business organizations. The exponential growth of data & information, both in digital & physical format, is already making organizations concerned about its accessibility and integrity. The two factors are crucial for time-to-time litigation support, compliance norms, information support, claims management, taxation, auditing and various other reasons.

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As a business enterprise owner, you’d be well familiar with the importance of HR Record Management. Along with the transactional records of the company, they pile up rapidly and might seem tedious to manage. However, less known is the significance of preserving the HR records! As an organization that deals with tons of data, in print and digital formats, here is what you need to know about the Retention of HR Records.

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2.5 Billion Gigabytes of Data is a lot! And, it becomes a lot more overwhelming when you’ll realize the fact that this was the amount of data generated ‘Per Day’ in 2012. With most of this data belonging to or fueled by the businesses and organizations, data security becomes a cause of concern. Especially when 13,443,149,623 data records have been stolen or lost since 2013, and 4,286 Data records are compromised every minute!

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How much can a Data Breach or an Information leak cost you? Well, we are talking about millions of Dollars here. In a 2013 Data Breach disclosed by Yahoo in 2017, over 3 billion accounts were affected globally. This disclosure became a major reason for Yahoo’s rapidly declining popularity, and a $50 Million bill it agreed to pay to those who were affected.

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As organizations expand and grow, the amount of data generated by them also multiplies exponentially with each passing year. Managing such huge loads of information becomes challenging not only because of the involved quantity, but also because of the variety of data types. Besides organizational expansion, ever evolving government regulations and policies on information retention further add to the complexity of data management.

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Destruction of records usually acquires negative connotation as it is generally assumed to be an illegal or amoral act. However, most countries have well-defined rules and procedures for the retention and destruction of records. As such, keeping records beyond the prescribed time limit can actually get you into legal and other troubles. Besides governmental or legal reasons, destruction of records is essential for practical reasons. No business (or individual) can afford to keep the vast amounts of documents and papers that accumulate over the years. In order to function efficiently, all organizations must routinely destroy the archived documents and records. This requires setting up of an intelligent and appropriate method for destruction of old.

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