Employer Loyalty vs Employee Loyalty

One day I was sitting at my friend's place and got engaged inside the discussion of "why people leave company". Suddenly one person quoted the statement of Aziz Premji that "Employee do not leave company but they leave their managers".
I just thought about this statement and tried to get convinced with it but finally fail to do so. If it is like most of the people leave their managers then how it is possible that some set of people left one organization and join different organization all together?
Some how it also happen and they continue their work together as a team in same way how they were working in their last firm.
Probably we should see the picture of other side first before going further. I think considering "Company" and "Manager" as different entity itself is wrong. For a company, Manager and other employees are same. Managers are just a communication medium or hierarchy created by company for effective communication.
Manager asked their employees to do what he/she got from his/her higher Management or in other words "Company".
So if a person left any firm, it means person is leaving the policy or culture created by the firm and not to the team where he/she was working earlier.
If we consider Company, Manager and Employees as an entity then following statement looks like more meaningful.
"All entities work together to get their own profits. They work together till the time every one is in win-win situation. At the stage of this situation differs, entities separates them self from each other to get an better alternative"
Most of the companies follow it as basic business guideline in case of hikes or layoffs.
Employee has to understand that they are an entity for a company like his/her manager for company and manager is not taking any decision by him/herself. He is hired to take decisions for his own and company's profit.
In that case, no one bound an employee to take decision for his own profit and it is nothing to do with employee Loyalty.
Employee's duty inside a company is to work for his/her own and company's profit and if he/she realized that he is not on the profit side, he/she has to raised the concern to company via manager (Communication Channel).
If it is not addressed by company, then he/she is free to take the measures for his/her own profit.
Most of the people do not raise the voice of their concern just because of they feel that manager will feel offended but they forget that if they wouldn't raise the voice their concern then no one will even know about it as well.
In other side, companies do it very promptly and effectively.
So next time before cribbing about your manager or company, make sure that
1) you have analyzed that you are on losing side even after putting company at winning side.
2)you have raised your concern with proper communication channel.
If the concern is not resolved by the company, you will be free to take decision for your own profit.
I hope it will help you in solving your Loyalty difference issue.