Slugs should be lowercase, use hyphens between words, exclude stop words when possible, and contain the primary keyword. Search engines and humans both use them as a strong hint about page content.
Avoid dates and IDs unless they add value (news sites benefit; product pages usually don't). Keep slugs short — 3–6 words is a good target.
Once a slug ranks, don't change it lightly. If you must, set up a 301 redirect from the old URL so link equity carries over.