Principles are ways of successfully dealing with reality to get what you want out of life.
Ray Dalio, one of the world’s most successful investors and entrepreneurs, cites principles as his key to success.
No one is exempt from this process. Having it go well depends on people's abilities to make frank assessments of strengths and weaknesses (most importantly weaknesses). While it's generally as difficult for managers to give this feedback as it is for their subordinates to hear it, in the long run it makes people happier and the organization more successful.