Much unlike most worldly philosophies, the Bible strongly distinguishes between the authoritative status of an individual and their dignity. In all human societies, there is some form of hierarchy. Typically, children submit to their parents. Wives submit to their husbands. People submit to their employers. Citizens submit to their governments. Governments, in theory, ought to be submissive both to their citizens and to God, but unfortunately that last one is significantly rarer.
But in many worldly philosophies, this is seen as something which detracts from the dignity of the one submitting. Governments see themselves as above the people. Husbands see themselves as above their wives. Most relevant to today's verse, masters have seen themselves as above their slaves.
But Job shows us that for as long as there have been Godly people, there has been a view of equality of men. Job, often assumed to be the oldest book of the Bible, and of course describing a history even earlier, gives us a truth that is repeated by Paul in Ephesians 6:9. Namely, cruel masters will find God just as cruel. Why? Because God doesn't show partiality. We're all human. You can't just mistreat a servant because they are your servant.
You might think this is redundant now. After all, slavery is illegal now. We don't have slaves anymore. In a way, that's true. At least in the Western world, to my knowledge, slavery has been abolished. But what about outside the Western world? In the Middle East? In Asia? Slavery still exists, both by law and by piracy. You can be sure the Lord will still hold those people accountable.
Furthermore, while slavery as we think of it is gone, it still exists in many forms. Slave and master have been replaced with employee and employer. And believe me, I've heard some stories. Perhaps you have too. Employers, to put it politely, can often be jerks. They have no right to be. If you are an employer, your responsibility is to treat your employees with respect, keeping in mind that they are your equal before God, and He is watching everything you do to them.
Whether you are an employer or hold any position of power, even if you are just a teenager with a younger sibling, the Lord is taking a note of your every action. Remember, regardless of degrees of power, there are no degrees of dignity: all are equal before God.