If change is for good - what about job loyalty?

This thread is for all - our engineers who are employed and engineering students who are looking to take up jobs.

Job loyalty has its own merits and demerits. You may enjoy additional perks, stability (?) , recognition that you get by being loyal to your job/employer etc. However, in many cases, it results into stagnation, no improvement in skill set over a longer period of time, little exposure to newer job related avenues.

Switching jobs may give you quicker scaling in the corporate hierarchy, higher pay packages (for the same experience level), exposure to newer areas of work etc.

What is your take on job loyalty? Is it overrated in modern times?