Those days are long gone. Retirement plans have given way to 401Ks. Employee promotions are pretty rare. Most companies view their employees as expendable. Many employees see their employers as nothing more than a means to an end.
Employees often fear their job will be outsourced, and this can be very scary. However, the best, brightest, hardest working people can see this as an opportunity. Why should a talented worker be stuck in a dead-end job with company that doesn't care about them? Instead the top performers can offer their knowledge and skill to a multitude of companies that are willing to pay for their expertise as an independent contractor.
When done effectively outsourcing should be a win-win scenario. Businesses win because they have someone reliable handling their affairs. Talented workers win because they work with businesses that understand the value they provide.
The only people that lose are the under-performers.