December 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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