What is a Document Retention Policy?

A document retention policy is a formal set of guidelines that defines how long you have to keep your documents and when they should be archived or securely disposed of.

It applies to both physical and digital records and helps ensure that information is retained for the appropriate amount of time based on lega and business requirements.

A well-defined retention policy reduces risk by preventing premature deletion of records while also avoiding the cost and liability of keeping documents longer than necessary.

Average Retention Policies

Retention periods vary by document type, industry, and jurisdiction, but many organizations follow common benchmarks.

• Financial records such as invoices, tax filings, and accounting documents are typically retained for five to seven years
• HR records often require retention for three to seven years after termination, depending on local labor laws
• Contracts are usually kept for the duration of the agreement plus several additional years
• Corporate governance documents and compliance records may need to be retained indefinitely

These averages provide guidance, but retention schedules should always align with applicable regulations and business needs.

How to Create a Document Retention Policy

Creating a document retention policy starts with identifying all document types used across the organization and understanding the legal and regulatory requirements associated with each.

Next, define retention periods for every category, including when documents should be active, archived, or eligible for disposal. Assign ownership and responsibilities for retention management, establish approval and audit procedures, and document how records will be securely destroyed once their retention period ends.

Finally, communicate the policy clearly to employees and review it regularly to ensure it remains compliant as regulations and business operations evolve.

How to Use Dokmee’s Free Document Retention Policy Generator

Dokmee’s free Document Retention Policy Generator simplifies the process by guiding you through document categories, recommended retention periods, and compliance considerations.

All you have to do is seect your industry and mark the types of documents you typically work with, for example, financia records, audits, contracts, etc.

The tool will generate a policy template in seconds and you can implement it directly into your Dokmee DMS or ECM.

Please, make sure you check retention periods are correct and accurate toward your industry and country.