What does 역지사지 mean?

On the home page of the Chinese Character section of Korean's online Naver Dictionary, a great resource by the way, there is a box labeled "오늘의 고사성어," which can be translated as "Today's Old [Chinese] Saying." Well, here is the old saying in that box today:

易地思之 (역지사지)

exchange (易) places [with someone] (地) [and] consider (思) his/her/theirs (之) 

 Even though 地 (지) is the Chinese character for land or place, it is also part of the word 처지 (處地), which means situation or circumstances, so the above expression could also be translated and "exchange circumstances and consider his/hers/theirs."

Though there is no example sentence on the Naver page, I have a book entitled "고사성어 대백과" that gives the following example sentence:

요즘 같은 개인주의 사회일수록 역지사지의 정신이 더욱 필요하다.

The more we see this kind of selfishness in society these days, the more we need a mindset that considers things from other people's perspective.