Our partner Christina Stoneburner wrote this post today in the Employment Discrimination Report about the need for social media policies. It includes this link to a slide presentation she did describing factors to consider in developing or revising such policies.
With all the pending legislation addressing this topic, it may be tempting to take a "wait-and-see" approach to developing or updating a social media policy. But the fact that this is such a "hot" area is a reason to be proactive in developing a policy, not a reason to bury your head in the sand.