1 Those who are under the yoke as slaves must regard their own masters as deserving of full respect. This will prevent the name of God and Christian teaching from being discredited.
2 But those who have believing masters must not show them less respect because they are brothers. Instead they are to serve all the more, because those who benefit from their service are believers and dearly loved. Teach them and exhort them about these things.
Vs. 1: - “Those who are under the yoke as slaves must regard their own masters as deserving of full respect. This will prevent the name of God and Christian teaching from being discredited.”
"slaves" - Other than slavery to sin, the Bible does not put an end to slavery. It is puzzling.
The Bible seems to treat slavery as a human institution that will persist. Let me pose this theory: Until a significant portion of people believe in God and in Jesus Christ, or their government and society lives under those principles there is little hope of ending slavery. The impetus to end slavery was driven by the Christians in England (e.g., William Wilberforce and others) and America (e.g., Abraham Lincoln, abolitionists, the founding fathers and writers of the U.S. Constitution, and others). The inherent value of mankind, the equality of all races and nationalities are foundational in the Christian doctrine. God is 'no respecter of persons' - ALL have sinned and fall short of the glory of God. All need the saving grace freely offered. NONE can work their way to glory. The glory is all in the holiness of God, and he sheds it on those who believe and accept Him as Lord and Savior.
"so that... " - We are to treat our bosses (or 'masters', for slaves) with respect. Why is this display of honor or respect important? So much of this letter is about living so the non-believing world is impressed by believers, and that our beliefs drive our actions. This is similar to the admonition that deacons and elders should be of good reputation, honorable, above reproach.
Paul instructs in verse 3:15 "... I write so that you may know how one ought to conduct himself in the household of God". Even more important is that God's reputation is not diminished. This has been discussed previously - See 1 Tim. 5:14. If we use our faith (religion) as an excuse to goof off, Jesus' name is defamed. Do you need to work hard if your boss is not a believer? Of course! The assumption here is that you might be tempted to treat a a non-Christian with some disdain because they don't believe. Why? Why would you do that?
Jesus commanded we love one another, just as He loved us, and we are family so we will deal with Christians favorably. A common belief in the world is that 'family' and 'blood' demands more loyalty than friendship. God is saying, "You are in the family of God by the blood of Jesus. Your loyalty is to Me. Be sure the way you treat non-believers does not make Me look bad."
Vs. 2: - “But those who have believing masters must not show them less respect because they are brothers. Instead they are to serve all the more, because those who benefit from their service are believers and dearly loved. Teach them and exhort them about these things.”
"masters" - On the other hand, if you work for a believer serve them even better. Why? The fellow believer, a member of the same family of God and a recipient of the grace of God through Jesus Christ are to benefit and be loved.
"Teach and exhort... " - Treat non-believers well. Treat believers even better. That's the principle. Emphasize this until it is 'caught'.