Large volumes of employees moving from job to job increases the number of employment records that must be retained by HR departments, stored securely and ultimately destroyed within a legally determined timeframe.
According to new research from Iron Mountain, this suggests that many HR departments may not be equipped to handle this trend. And is a particularly a problem as by the time today's millennials reach the age of 32, they will have changed jobs four times.
The research has shown that half of mid-sized businesses in Europe have out-of-date process for managing their HR records, which could put personal information at risk.
A total of 4,006 workers in companies across the UK, France, Germany, the Netherlands, Belgium, Spain and North America were surveyed.
Thirty-one percent of mid-market businesses store HR documents relating to employees longer than they are legally entitled to and a quarter don't know the legal requirements.
Nearly two-thirds (65 percent) of mid-market businesses still rely on email and paper for most HR processes instead of putting automation in place to help them manage the growing volumes.
“The days of a ‘job for life' are long gone. Today, people are changing roles more frequently than ever before. When they switch to a new business, employees leave a trail of personal information behind them – information that employers are legally obliged to get rid of within a defined time limit. Keeping track of what information you have, where it is and when you need to securely dispose of it is difficult,” said Sue Trombley, managing director of thought leadership at Iron Mountain.
“If you keep records for longer than their designated retention period, you can find yourself on the wrong side of the law, putting your organisation's information and reputation at unnecessary risk,” Trombley concluded.