Although 76 percent of employers use business-related social media, nearly half of all businesses do not have social media and networking policies, according to a survey by Proskauer's International Labor & Employment Group, which questioned more than 120 multinational employers.

“In order to harness the benefits and minimize the risks of social networks, employers need to set distinct and specific policies and practices for their use,” says Betsy Plevan, co-head of Proskauer’s International Labor & Employment Group. “Relying on employees to exercise good judgment is simply not enough.”

In fact, 43 percent of the respondents have reported employee misuse of social networks, and nearly one-third of all businesses have disciplined employees because of social networking misuse.