Technology

they know that skills are portable and employees have no loyalty.

In fairness, this is also down to companies having no loyalty to their employees. I would be more than happy to never have to go job hunting again, if career jobs, with appropriate incentives, were still a thing that actually exists. I am substantially less enthusiastic about the prospect of spending my entire working life dedicated to a single company that will not give me annual raises that beat inflation or any sort of pension as a reward for my loyalty, while my working conditions and benefits will likely deteriorate over time at the whims of a rotating group of petty tyrants in management, and the prospect of getting laid off because some dipshit in the C-suite implemented a terrible idea that anyone with the least amount of experience doing the actual work could have told them was doomed from the start and saved everyone suffering the consequences of their dumbass vanity project to pad their resume for when they pull the cord on their golden parachute and jump ship to sink another business.

I suspect a lot of people would be quite content at having the stability of such a position, if only the trade-offs weren't so terrible for them in pretty much every other way. The vague possibility of a farewell party at the end of 40+ years of work doesn't cut it.