Do I have to retain all of my company's employment records? If so, for how long?

There are many important reasons why any employer should keep employment records. The Equal Employment Opportunity Commission (EEOC) has issued regulations which mandate that certain record be kept for various lengths of time. Other state and federal statutes also require employers to maintain employment-related records and files. The failure to properly maintain these records can be costly. In the event a lawsuit is filed against you by a former employee, destruction of relevant records can cause you to lose in court. It is best to review your record retention policies with an employment lawyer to make sure you are in compliance with all of the laws in your state.