When I start using code first with the Entity Framework, I was in the same situation as you. I always executed Update-Database -F, and then watched, all my tables are deleted and recreated, even for something as simple as renaming a field.
Versioned databases are complex, but much easier with named migrations (which, I think, is what you mean when referring to code migration). I know that your boss is against the idea, but he is very flexible.
Essentially, you run Add-Migration -Name xxxin the package management console, and the Entity Framework will raise a configuration class for you with default commands (both for versions Up()and Down()) that will be executed when Update-Database. If you do not like the commands, you can change them. You can even move data if you need (this is a bit unrealistic).
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