There is not one unified definition of what a "faster algorithm" is. There is not a governing body which decides whether an algorithm is faster than another.
To point out why this is, I'd like to offer up two different scenarios which demonstrate this murky concept.
The first example is an algorithm which searches a linked list of unordered data. If I can do the same operation with an array, I have no change on the big Oh measure of performance. Both searches are O(n). If I just look at the big Oh values, I might say that I made no improvement at all. However, it is known that array lookups are faster than walking a linked list in the majority of cases, so one may decide that that made an algorithm "faster," even though the big Oh did not change.
If I may use the traditional example of programming a robot to make a PBJ sandwich, I can show what I mean another way. Consider just the point where one is opening the jar of peanut butter.
Pick up the jar
Grab the lid
Unscrew the lid
Versus
Pick up the jar
Put the jar back down
Pick up the jar
Put the jar back down
Pick up the jar
Put the jar back down
Pick up the jar
Put the jar back down
Pick up the jar
Put the jar back down
Pick up the jar
Grab the lid
Unscrew the lid
Even in the most academic theoretical setting I can think of, you'll find that people accept that the first algorithm is faster than the second, even though the big Oh notation results are the same.
By contrast, we can consider an algorithm to break RSA encryption. At the moment, it is perceived that this process is probably O(2^n), where n is the number of bits. Consider a new algorithm which runs n^100 faster This means my new process runs in O(2^n/n^100). However, in the world of cryptography, a polynomial speedup to an exponential algorithm is traditionally not thought of as a theoretical speed up at all. When doing security proofs, it's assumed that an attacker may discover one of these speed ups, and that it will have no effect.
So in one circumstance, we can change a O(n) to O(n), and call it faster. In a different circumstance, we can change a O(2^n) to O(2^n/n^100), and claim there was no meaningful speed up at all. This is why I say there is no one unified definition for a "faster algorithm." It is always contextually dependent.