BP, the reasons employers don't get loyalty any more is that they don't give loyalty. It's a two way street. I once worked for a manager (in the public service ferchrissake) who commanded the absolute loyalty of all of us. We would have walked across broken glass for him - and he was also an extremely tough boss with very high standards who demanded the same from us.
The most important thing he did was ensure we were all recognised for are contributions, plus his social skills and sense of play made coming to work a pleasure, you never knew what would happen next.