Facebook is primarily used to connect with friends and family. It’s also used by internet marketers and businesses as a highly effective advertising platform. It’s convenient, free to use, and has become an integral aspect of life for billions of people.
This is why users were shocked when they learned that Facebook has been mining out their data to third party companies. Cambridge Analytica, a firm that offers services to businesses who wish to change audience behavior, lies at the center of the controversy.
When Facebook’s CEO Mark Zuckerberg appeared before Congress, Facebook users were suddenly very much aware that their “private” data wasn’t really very private at all. In fact, it was a commodity that could be sold to companies who paid the right price.
As a result, Mr. Zuckerberg has seen a significant hit to his reputation both from within his company and in terms of public opinion. This is evidenced by his “fall from grace” on Glassdoor. Glassdoor is an online platform that allows employees to rate their jobs and their CEO.
In 2018, Mark Zuckerberg was ranked at No. 16 as one of the top US CEOs. In 2019 his rank has fallen to No. 55. It’s important to note that Mark Zuckerberg’s personal Glassdoor rating is far above average. The average score for most large companies is 69%, whereas Mark Zuckerberg’s score falls at 94%.
With that being said, Mr. Zuckerberg’s Glassdoor rating in 2018 was 96%. Though the change from last year to this year is small, it shows that some employees have possibly lost faith in their CEO and perhaps in the company itself.
Public perception is at an all-time low
Now that people are aware their private data is being mined and sold to large firms, user dissatisfaction continues to rise. Many Facebook users no longer feel that Facebook takes the security of their privacy seriously.
According to a survey taken by Ponemon Institute, more than 79% of users felt they could trust Facebook with their private data. Following the Cambridge Analytica scandal, that rating has dropped to as low as 28%.
How will upset Facebook users react?
Despite public outrage, the surveyors at Ponemon Institute have noted that most Facebook users have no desire to quit using the social media platform.
Even with privacy concerns, most people aren’t willing to make the effort to migrate from Facebook to another social media platform. Not only will they have to take the time to set up an entirely new account, but they would also have to encourage their family, friends, and acquittances to do so as well to maintain connections. Due to the sheer amount of effort involved most users are willing to stay with Facebook despite its privacy concerns.
Mark Zuckerberg and Facebook may continue to see a decline in reputation unless significant action is taken to protect the private data of Facebook users. Whether Facebook undertakes this task themselves or if they’re forced to do so by government legislation remains to be seen.
With its reputation on the line, one can only hope Facebook makes the smart decision.