It wasn't really a good thing unless you were a low performer. We had some people who were hired into jobs they couldn't do well, but they got to keep those jobs because it was like their role in the family. People basically never got fired, including the couple guys in the corner who barely did any work but had been there forever.
When money was tight, they didn't do layoffs. They just cut everyone's compensation by the same percentages. Including those people who didn't do much work, because we can't fire family.
Modern companies avoid this phrase because it has become so toxic that nobody wants to be associated with it. It's a holdover from old school management who speak in boilerplate platitudes like "fast paced environment" that don't mean anything.