This is how employees should treat their relationships with their employers as well. Do what's right for you and your family, and don't act on some misguided sense of loyalty to your employer.
Sometimes the company has no choice as the alternative is everyone loses their job.
I don’t think employees should think of the company as their family, but don’t get into the mindset that all employers treat their employees as disposable cogs.
This is how employees should treat their relationships with their employers as well. Do what's right for you and your family, and don't act on some misguided sense of loyalty to your employer.