Social Media Costs -- and Some Workers Are Paying With Their Jobs

[Related: 15 Big Social Media Mistakes Companies Make and How to Avoid Them ]

Xerox has a 23-page Code of Business Conduct policy that doesn't mention social media or social networking but does provide a highly general ethical decision-making framework, one that relies on common sense and public scrutiny. Here's a sample:

"Take the public scrutiny test: If you wouldn't want to read about your action on the front page of your local newspaper, don't do it."

Social Networking Isn't Going Away

Some companies simply ban social networking in the workplace, says Nicholls, thinking such problems will simply disappear. But that's the wrong approach, he says. For starters, a workplace ban won't stop employees from accessing social media on their smartphones during lunch breaks, after-hours and on weekends.