Submission is not slavery, but a willful yielding to another. In the original Greek, this verse is tied to Ephesians 5: 21, and the verses before:
"21Submitting yourselves one to another in the fear of God." (Ephesians 5: 21)
And as a reminder, fear of the Lord speaks to worshipping because of His goodness:
"12Wherefore, my beloved, as ye have always obeyed, not as in my presence only, but now much more in my absence, work out your own salvation with fear and trembling. 13For it is God which worketh in you both to will and to do of his good pleasure." (Philippians 2:1 2-13)
Notice that God works in us the power and the desire to do His will, so women should not feel forcefully compelled to submit.
Jesus submitted to His Father, and granted us His standing, and all its glory and splendor:
"Herein is our love made perfect, that we may have boldness in the day of judgment: because as he is, so are we in this world." (1 John 4: 17)
The NIV affirms that it is God's love, not ours, which is perfected:
"This is how love is made complete among us so that we will have confidence on the day of judgment: In this world we are like Jesus.."
Notice also that Paul appeals to wives to "sumbit themselves."
It is not the husband's job to make her submit, nor should he lecture her with "You need to respect me."
A man does not have to earn respect, when he understands that God his Daddy (Romans 8: 15) has honored him with the same standing as His own Son.
Wives are invited to submit to their husbands, and they are to obey them "as unto the Lord." If a husbands orders his wife to do something abusive or wrong, she does not have to do it, for the ultimate authority is Christ:
"Even as Christ is the head of the church", and in the church, in the Body of Christ, is every man as well as every woman.
"But I would have you know, that the head of every man is Christ; and the head of the woman is the man; and the head of Christ is God." (1 Corinthians 11: 3)
Submission is based on authority, and this authority comes from God, who loves us and blesses us, unlike earthly kings:
"Let every soul be subject unto the higher powers. For there is no power but of God: the powers that be are ordained of God." (Romans 13: 1)
"For even the Son of man came not to be ministered unto, but to minister, and to give his life a ransom for many." (Mark 10: 45)
Wives submit to their husbands because of Jesus, who submitted to His Father, and grants us all things, including His life and standing at His (and our) Father's right hand.