What value besides money? A company paying a employee to be "loyal" is nothing more than a business transaction, and "loyal" really is "please, don't go to another company, we will pay you to stay here". I'm assuming the employee is not also the owner.

I agree. I think what most people seek in a company is the weathering of risk, the establishment of an opportunity, and the reliability of income.

Employers can "demand" loyalty, but as you say, it's basically a request. There's no legal basis for it or anything.

I think it's fine to have a culture of loyalty. It probably means you have a pretty good company. Demanding it doesn't work, and if it's not real loyalty, we don't have to be mad about it being one-sided.