Recording is easy to switch on and easy to get wrong. The audio is the simple half. Who may listen to it, how long it is kept and whether the person on the other end was told are the half that gets people into trouble.
What the call does
Recording is a property of the thing being recorded, so you can record the sales queue and not the owner's extension.
You can require a recording announcement before the call connects, per site. Whether you must play one depends on where the caller is, and that is a question for your own counsel, not something a settings page should decide for you.
The retention period is shown in the interface next to the recordings, not buried in a knowledge base. When a recording is deleted, the interface tells you what is being destroyed before you confirm.
Most people never open the second column. It is one click away rather than spread across the first.
On every plan
This is included whichever plan you are on, with no add-on and no module to enable. Plans differ by how calls are distributed and how long the history is kept.