Prostrating to greet an elder does not reduce your height - Nigerian proverb.
The truth is; respect is without recourse to gender or status - everyone deserves to be treated with respect. But much more to this is the fact that, the kind of respect you demand from others should also be shown by you to others. Remember the golden rule; however you would want anyone to treat you (including in the area of respect) you should also treat others in similar way.

Respect; as it has been said times and again; is reciprocal. If you will like others to accord respect to you, you should also respect others, and also respect yourself where others are. If you respect only those of higher superiority but treat your subordinates with cruel disrespect, then you are not respectful in the first place.
respect should be accorded to all and not selected few. Imagine how you feel when someone treats you with disrespect, that is exactly how people feel when they are disrespected. You won't really know the pain in it until your have experienced it first-hand.
If you respect your boss in the office but disrespect the gate man or the driver, then your respect is questionable. Of course, if you disrespect your boss, he has the power to fire you, but what about those under you, how do you treat them? This shows the real respect which humanity demands.
No one ever loses anything for giving respect to people, rather they gain a lot by doing it, so why shouldn't you do it? There is no sense in refusing to do something that will bring you ultimate gain. So guys, as you want to be respected, do the same to others.
Thanks for reading