What is retention period in SAP SRD-HR - HCM-Human Capital Management?

SAP Term: retention period

• Component: SRD-HR

• Component Name: HCM-Human Capital Management

• Description: Length of time that indicates, based on legal requirements, the maximum period of time in which a document, such as a financial document or an invoice, must be retained before it can be destroyed. Retention periods may vary from one country to another and for different types of records e.g. in Germany financial documents and other commercial or tax- relevant documents must be retained for six years, whereas balance sheets, inventories, and trading books must be retained for ten years.

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• Key Concepts: 
  Retention period is a feature in SAP SRD-HR HCM-Human Capital Management that allows employers to set a specific amount of time for which employee data is stored. This data includes information such as employee records, payroll information, and other related documents. The retention period is set by the employer and can range from a few months to several years. 
  
  How to use it: 
  To set the retention period for employee data in SAP SRD-HR HCM-Human Capital Management, employers must first log into their SAP system. Once logged in, they can navigate to the “Retention Period” tab under the “Settings” menu. From there, they can select the desired length of time for which employee data will be stored. 
  
  Tips & Tricks: 
  It is important to note that the retention period should be set according to the company’s legal requirements and policies. Additionally, employers should ensure that they are regularly reviewing and updating their retention period settings as needed. 
  
  Related Information: 
  For more information on setting the retention period in SAP SRD-HR HCM-Human Capital Management, please refer to the official SAP documentation or contact your local SAP support team.