Facebook announced that it will be changing its corporate name to Meta in an effort to proclaim its commitment to building out a metaverse, but this could mean bad things for the company’s retention rates.
This announcement follows closely behind multiple whistleblowers coming forward about Facebook’s lack of action in handling misinformation and hate speech, as well as the harmful impact it has been found to have on children according to internal research.
The company’s reputation is already at abysmal levels, and the attempt to rebrand itself will likely do little to redeem its standing with the public.
In fact, the company’s ranking on Glassdoor as a top company to work for has fallen over the last few years after ranking number one in 2018. In 2020, it fell to number 23 and climbed up to number 11 this year.
“Facebook has talented people, and competitors in the market are looking for that talent,” said Brooks Holtom, business professor at Georgetown University who specializes in how companies acquire and retain human and social capital. “It’s extremely competitive. You can be sure companies are preparing to reach out selectively to inquire about people thinking of moving. It’s a precarious time for Facebook from a talent perspective.”