In a blog I wrote this week, I referenced a study indicating that only 19 % of companies surveyed had a social media policy in place. Obviously, that leaves 81% of the companies out there with NO social media policy in place. So, given what’s currently going on in the social media space… there’s obviously a need for companies to step up and create effective social media policies and procedures, not like the one getting most of the press lately…. A financial institution’s social media policy which basically translates into “rat on your friends or be fired,” (which is generally being referred to online as the worst social media policy ever created) but practical, common sense, easy to understand and interpret social media policies and procedures for employees to follow. I was reading a BusinessWeek interview online the other day and thought it tied in nicely to the conversation.