I think it's important to note the negatives of the previous way of working. In the old days, pay was less (because the company was responsible for one's pension, and often for many benefits — e.g. corporate vacations were once a thing), and if the company did fail then one was left with nothing. Advancement could be very slow. One was working according to the whims of a slow-to-change set of central managers, who were no better at allocating resources than was the Politburo. Since one's colleagues were much the same for one's career, one youthful slip-up could have lasting consequences. One didn't have as much flexibility to live & work where one would have wished.

There were benefits to this way of working, of course: one could more-or-less just turn up, do one's job and life would go on. But it didn't give one as many opportunities to excel.

Our modern way is more dynamic and can be just as or even more secure, provided one has the discipline to save, invest & insure.