Final answer:
Two factors to consider regarding file retention are the legal requirements, which are mandated by law, and the business needs, which relate to the operational, historical, or strategic value of the files.
Step-by-step explanation:
When considering file retention, two important factors to keep in mind are the legal requirements and the business needs. Legal requirements dictate the minimum period you must keep certain documents, such as tax records, employee files, and contracts. These are often set by government regulations. On the other hand, business needs refer to the value that certain documents hold for the organization, whether for operational, historical, or strategic reasons, and may necessitate keeping them beyond the legal requirements. It is essential to balance these factors to ensure compliance and maintain efficiency within the organization.