Servants Under The Yoke

1 Timothy 6
1 Let as many servants as are under the yoke count their own masters worthy of all honor, that the name of God and his doctrine be not blasphemed.
2 And they that have believing masters, let them not despise them, because they are brethren; but rather do them service, because they are faithful and beloved, partakers of the benefit.These things teach and exhort.

I am just not sure how God wants us to apply this passage from 1 Timothy? Here is a related passage from Titus:

Titus 2
9 Exhort servants to be obedient unto their own masters, and to please them well in all things; not answering again;
10 Not purloining, but shewing all good fidelity; that they may adorn the doctrine of God our Saviour in all things.answering again;