In my job, my bosses actively seem to dislike that kind of respect. They insist on first names and no titles.
They want you to feel like an "equal part of the team" but also their word goes and they can fire you and you have to do whatever they say. Which is how having a boss works, but idk, you're supposed to pretend you're friends instead in today's work culture I guess.
With the clients, only old people and veterans like to be called sir/ma'am. When I would call younger people sir/ma'am, they always immediately thought they were in trouble. Zoomer men especially I've learned do NOT want to be treated formally and react best to basically grunting and very informal talk that I don't even use outside of work.