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At least for boomers, loyalty was often rewarded with promotions, bonuses, and generous pensions. But these days companies will work you to death and then fire you for a 0.0001% boost to their quarterly profits. They'll fire 10,000 people just so the billionaire shareholders can earn 1% more.
Yup. Loyalty is a two way street. I know pretty successful companies whose former employees still speak highly of, precisely because the company did the whole "you work hard and we treat you well" thing. The moment that that trust is lost, your employees will treat you in kind. Except for some idiots falling for the propaganda of course.