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A social media policy is an internal document designed to guide employee interactions on social media platforms like Facebook, Instagram, and Twitter. As these platforms become prominent for sharing information, companies have opportunities to engage potential customers and shape their brand identity. However, they also face risks, such as damaging their reputation due to inappropriate employee posts. The tutorial discusses the significance of social media policies and what constitutes an effective policy. It is presented by eFORMS, a comprehensive document database, and encourages viewers to watch until the end for a customizable social media policy template. The video also clarifies the distinction between social media policies and social media standards.