Email Policy - Retention, Archival & Deletion

I would like to understand the best practices that your organizations are following on email archival, retention, and deletion. We do understand that In Microsoft 365, admins can create an archiving and deletion policy that automatically moves items to a user's archive mailbox and automatically deletes items from the mailbox. The admin does this by creating a retention policy that's assigned to mailboxes and moves items to a user's archive mailbox after a certain period of time and that also deletes items from the mailbox after they reach a certain age limit. Still need some guidance on the same.