Recruitment levels at Facebook Drops to 50%, is its Cryptocurrency Development in Jeopardy?

In a time the company is battling privacy issues every other month, especially after the Cambridge Analytica scandal, Facebook recruiters are finding it harder to recruit the top minds from the top schools.

This leaves the company is a tough spot given the upcoming “secret cryptocurrency” on its platform. The negative news on “FBcoin” and the bad reputation company has endured in the past year may have led to the current recruitment problem of the social platform provider.

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Is Facebook's cryptocurrency, “Libra”, development in danger?

The cryptocurrency project could suffer if the situation with the recruiting persists. The challenging nature of blockchains and digital tokens will require the best of minds to work on it. However, other companies are hiring these top minds including Amazon, Alphabet, Microsoft and others.

Facebook hiring acceptance drops to 50%

In the early years of this decade, Facebook was a dream company for any upcoming developer. The social site however has lost its appeal in the past few years as court cases and senate hearings on privacy of consumers data tarnished the company’s reputation.

A report on the hiring process in the company by CNBC confirms that the number of software engineers accepting a role in the company has fallen from 90% before the U.S. elections to 50% in 2019.

Facebook has come out strongly against the allegations claiming the “numbers are wrong”. Anthony Harrison, the spokesperson of the company said the company has witnessed a 39% growth in the number of candidates, year on year in Q1 2018 to Q1 2019. He spoke on the matter saying,

“Facebook regularly ranks high on industry lists of most attractive employers. Our annual intern survey showed exceptionally strong sentiment and intent to return and we continue to see strong acceptance rates across University Recruiting.”

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The candidates however are not easily accepting the job offers at the company as they ask tough questions on the privacy concerns facing the company.

This has led to most of the candidates declining the job offer and working with other companies who represent a more trustworthy work environment.

Competition from other top tech firms on the rise

Facebook is hurting from without and within with the company losing out on top software engineers and project managers to other top companies. Companies such as Amazon, Google and Microsoft are open to offering these top mind competitive salaries and better working conditions without the need to face scandals on a monthly/ weekly basis.

Furthermore, smaller companies such as Uber, Airbnb and Lyft are poaching the recruiters from Facebook as an increasing number of the recruiters team leave the company. According to a former recruiter, the employees were not satisfied with the company’s handling of the scandals. The former recruiter said,

“The biggest thing that impacted people at Facebook is that we found out information at the same time as the general public did. It was like, ‘Wait, shouldn’t one of our leaders have told us about this first versus our parents or friends reaching out?’ It was a shock.”

Companies looking for blockchain and cryptocurrency developers are also taking up their share from Facebook’s current struggles to keep employees with Robinhood and Stripe also recruiting from the company.

While the scandals plays a big role in people choosing Facebook for their career path, the report highlighted other issues the company is facing. The skyrocketing cost of living in the Bay Area, the cutthroat competition for talent among top tech companies, the association of Facebook with Trump and the appointment of Peter Thiel to the board also played a part in the company’s recruitment problem.

Will the development of the Facebook cryptocurrency face challenges given the recent developments? Share with us below.

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