I wouldn't put "loyalty is dead" so starkly. But certainly lifetime employment from either side of the fence is absolutely not the norm. I've generally stayed at places a reasonably long time (arguably too long once or twice) but I still haven't made it much past a decade.
Loyalty is absolutely dead in the employer => employee direction. The second it becomes financially advantageous to have layoffs or to fire one person in particular, it will happen. Your direct manager, maybe even your skip, might fight for you to stay. But if someone 6 levels above you decides your time has come, that's the end of it. The test for whether loyalty exists in this direction is the answer to "you can keep this person at the cost of a negative financial impact for your organization - you will not make this money up in the medium term." What does your manager say? Your skip? The CEO?
There is absolutely still some loyalty in the other direction. Lots of people here would say it's misplaced. When it works out for you (cachet in the org, seniority, whatever) it can pay off, but for lots of people it only gets them burned when they get laid off with outdated skills in outdated tech because they were a "company man" for the last decade.
In Japan, there are stories of business men killing themselves because they have to lay off workers. The cultural norm there is that you’re employed for life - either your life or the companies, and both parties act to ensure that’s a long life. Maybe a little dramatic, but the cultural sentiment is there.
Google is cutting a few hundred R&D jobs out of their 180K employees, and countless ventures. These people could be repositioned, these people could be absorbed elsewhere. Google is wildly profitable, with record profits, which by definition means what they’re not falling on hard times.
