Menus don't have placeholders. The normal approach is to put the placeholder in the text of the first option, which is selected by default.
$(document).ready(function(){
$('select.selectName.form-control option:first-child').text("One");
});
<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.3.1/jquery.min.js"></script>
<select class="selectName form-control" style="width: 100%; visibility: visible">
<option value></option>
<option value="1">1</option>
<option value="2">2</option>
<option value="3">3</option>
<option value="4">4</option>
<option value="5">5</option>
</select>
<select class="selectName form-control" style="width: 100%; visibility: visible">
<option value></option>
<option value="a">A</option>
<option value="b">B</option>
<option value="c">C</option>
<option value="d">D</option>
<option value="e">E</option>
</select>
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