After matchday nine, the Phobians sit 11th on the table, having won three games, drawn two and lost the other four.
"No former player of Hearts now is proud of the club because of this poor performance," Taylor told Angel TV.
"Some of these players are there by chance but not on merit. If you are playing for Hearts now and you not effective, then you are useless.
"The players need to leave better legacy for themselves at the club.
"We are no longer playing, yet Ghanaians are always making reference to our days.
"They need to be devoted and know that if they play well, they would benefit and not the management."
But Hearts are not the only 'big side' struggling as Kotoko - the most successful team in the history of the topflight, and for whom Taylor also played for - are having problems of their own, albeit they sit better on the table.
"Hearts and Kotoko change coaches too much, it affects the performance of the team," the ex-playmaker said.
"During our era, because [coach] Cecil Jones [Attuquayefio] coached us for very long time, he knew how to deal with us especially during selections for matches.
"He knew when to bring a specific player. And it made us perform well.
"However, nowadays, the situation is different at both Hearts and Kotoko. A coach hardly spends two years at any of the clubs."
Taylor played for Hearts between 2000 and 2003 after joining from city rivals Great Olympics, before controversially transferring to Kotoko.
The playmaker was a member of Hearts’ 2000 Caf Champions League winning squad as well as Ghana’s under-23 team at the 2004 Olympic Games in Athens, Greece.