I first heard the term around the age of ten, learned what it means in theory soon after and learned what it means in practice in my late teens... I think.
When people talk about social status, I'm pretty sure they don't talk about the different positions of two people in the same work place, but how other people in society view them as, either because of what they are or because of what they've managed to make people think they are.
Basically, it goes like this: if you have the respect of the group (or the majority of it) around you, your social status among that group is high, no matter what you can or can't do. It's about what the group appreciates and what not. For example, let's say you were a junior highschooler who hung out with the problem kids. You smoke, skip school, swear etc. just like them? They'll like you, your social status among them will be high or at least not below the others in the group. However, if you somehow strayed off to an entirely different group, like a bunch of nerdy good students, you'd be viewed as a failure and your social status among that group would be low. There are always exceptions of course, especially among us autistic people because while we might think we're doing everything "right" to fit in to the group, we might be missing some subtle social cues and missing them will either make us look stupid or like we don't care about that group's rules, which will lower our social status. And of course, these are extreme examples created to make a point. Different people can get along with each other too under the right circumstances.
So basically you can get your social status to become higher (or lower) without any effort by just managing to find the right kind of group to be in.