Social media technologies are increasingly being adopted to support knowledge sharing and collaboration in both the private and public sectors. It has therefore become essential to develop policies guiding the use of social media within organisations. The need to protect an organisation’s interests by guiding employees’ appropriate use of social media is a key issue for senior managers. This issue has to be balanced against the benefits of empowering employees to make use of social media in flexible, innovative ways. This paper highlights the major components of a social media policy, based on the Social Media and Organisation Policy (SOMEOP) Framework. A method is proposed to enable organisations to effectively evaluate each of the components using a rating system. The framework and rating tool can be used to improve the effectiveness of policy development. A preliminary validation of the instrument indicated that the rating system can assist users with identifying and understanding policy strengths and weaknesses.