I believe that company "loyalty" can only exist in small businesses. When it comes to a large corporation, the numbers are more important than the people.
Not always. My company has over 20,000 employees and hasn't had any lay-offs for over 30 years.
And it's not because times have been perfect since then. There have been bad years but they'd rather eat the salary costs in the short term than have to re-train people later on who would be much less experienced.
It's part of the company culture. ALL of our upper-level managers rose up through the ranks from low-level jobs. Our CEO started in the mail room 50 years ago. That sounds cliché but probably only in Hollywood. It's rarely the norm in the real corporate world. We really don't hire high-priced VPs or CEOs away from other companies. They come from within.
And having upper management with that background is a very powerful thing. It would take a disaster that I can't even imagine for them to start firing people. It's just not how they see things.