I have almost resigned myself to the reality that ignorant people who trust everything their smartphone suggests will never choose correctly between "its" and "it's". However, there is no way that I am going to accept the same error showing up in official documents that have been the subject of repeated drafts.
Pictured above is the front cover of the workplace agreement that currently applies to KFC restaurant managers. That's an important document, one that was presumably the subject of negotiation, and one that was certainly seen by multiple people. Yet not one of those people noticed the glaring error on the front page.
It's is short for it is. It is not possessive. In this context, to use "it's" is flat-out wrong.
We have a detailed Mind Your Language guide on the correct use of apostrophes. In this area, everyone needs to try harder. Accuracy matters.
Lifehacker's Mind Your Language column offers bossy advice on improving your writing.