I've seen companies where this happens, and people have Friday afternoons off because they already did their hours that week. They have 0 loyalty to the company.
Relationships work in 2 directions. If the company treats you like lazy scum, you will treat the company as an oppressive thing you want to avoid.
If the company trusts you, you are less inclinded to breach that trust.
This also works for blue collar workers, just look up Ricardo Semler of Semco.