Facebook/Meta’s has been through a tough year so far, seeing its reputation take a significant hit. Facebook trust issues arise. While the Facebook rebrand might help in the future, there’s no denying that they’ve had issues with public trust up to this point.
According to a recent survey by Yahoo Finance, the most negative prediction for Facebook in 2021 is that it will be one of the worst companies. The Washington Post recently conducted a survey and found that 72% of internet users mistrust Facebook.
Facebook Trust Issues
Meta now owns Facebook, but there are still vestiges of the typical “Facebook” brand. Meta has not won any public trust. There are several reasons for that.
A new Washington Post survey revealed that over 70% of internet users distrust Facebook. A lot of people seem to be concerned about what the company does with their personal information and data. This can be attributed to a series of missteps by the company.
Facebook has struggled with public trust in recent years. A recent book published by two New York Times reporters finds that executives at the company admit that they were at least partially responsible for those struggles. It could be that the social network is looking the other way to avoid misinformation, or it could be because they’re beholden to special rules for influencers.
You could also see these effects in Meta, where he seems to be unaware of the possible consequences for teens’ mental well-being. Recently, Facebook has stepped up its attempts to shut down research into the impact of its advertisements. Facebook has been deeply scrutinized by the media for years for issues about privacy and its overall trustworthiness called Facebook trust issues.
Facebook’s “Brand Tax”
One tech recruiter quoted in the Business Insider article says that Facebook has to pay a “brand tax” to the existing Facebook employees. Typically, when a company grows, it’s expected that its brand value will entice high-value professionals to apply for jobs there.
However, there is a completely different situation when it comes to Facebook. Internal company communication has shown that there are over 4,300 open jobs and a decreasing number of applicants.
In 2021, a lot of high-ranking employees left Facebook. The company has generously given its employees an increase in salaries and equity, which may seem like a price for losing public trust
Facebook’s trust problems precede its brand tax. The company has been working on repairing its reputation, but the ‘brand tax’ will likely worsen the situation. It’s always interesting to see how celebrities rebrand themselves by shedding their skin but will changing their public image break the cycle?
Conclusion
Facebook, the world’s most popular online social networking site is facing brand trust issues from the public after the recent Cambridge Analytica privacy scandal. Facebook will not be able to hire the young talents unless it pays the “Brand Tax” which was coined by Adam Mosseri, Facebook’s head of News Feed.
