There's still an element of that respect left at work. I have a personal unwritten rule, but it's pretty common. With a hierarchical rank structure there's a difference between a group situation and face to face. Generally to my team or anyone else I'm known as "Boss" or "Sir". I like both, and use both to anyone above my rank. If however I have been on the same team at the same rank as anyone during any part of my career, I'll use their first name and be happy to be called by my first name face to face. In a meeting with anyone present up or down the hierarchy I will use "Sir" or "Ma'am" unfailingly. I expect in a work situation, to be called "Sir" or "Boss" by subordinates (nasty word, but this is hierarchy, not dictatorship), and there are very few occasions where this isn't followed. I have only ever once taken someone to task for calling by my first name, and he was a cock anyway.
It's a simple mark of respect. It's accepted, and it's not as value laden as some folk would make out. I remember a home visit from a Chief Inspector when I was a Sergeant and my neighbour overheard me calling him Sir as he was getting into his car. The neighbour, an intelligent but somewhat "right-on" type tried to tell me I was a subservient idiot for kowtowing to the man who didn't deserve any form of abasement on my part. I pointed out that that attitude was possibly why he was unable to hold down any sort of job despite being qualified to Masters level.