I'm creating a new template for HR and they've requested a field with a drop down to select job title. That said, I know we've reclassified positions before and a job title has changed from Senior Planner I to Planner III.

I'm thinking of creating a list value field but I'm wondering how the repository will behave in the instance of a job title change. If I create this list value field and there are documents in the repository with the metadata "Senior Planner I", what happens if I change the title in the list to "Planner III"? Would the metadata on the existing documents change automatically? Would they stay the same and the change is implemented on a go forward basis for new documents added?

We're also dealing with Records Management so I'm not sure if it would behave differently for working documents versus final records?

Hoping someone can give me some insight here...