Respect should always be earned. I'm not saying that one should be disrespectful, but in my sorority I respect those who hold positions and do a lot of work for us the most. As for privileges, I can't think of one that someone would get for being a member for a while, outside of wearing a 25 year pin, for example. I like that idea, but I don't think they should get any other privileges for merely being a member for a longer time than someone else.
As for a job, I think the longer someone has worked at a place, the more they know, and they should be respected for that. But if they were really that good, they'd have moved up in position, and again should be respected for their work.
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