If your answer was positive, the following question is as important: Do your employees, colleagues, and customers know about your business purpose? Is your business driven by its purpose?

According to a study by PwC, 79% of business leaders surveyed believe that an organization’s purpose is central to business success, yet 68% shared that purpose is not used as a compass in leadership decision making processes within their organization. The benefits of defining and living by a core purpose in business are greater than you might think, and go beyond increasing the bottom line.

According to a new Korn Ferry Institute study, consumer companies that focused their employees on the organization’s purpose boasted annual growth rates that were nearly triple the annual rate for the whole sector. And the benefits go beyond financial. The study also found that having an authentic purpose can help recruit and retain talent, win over customers, and have positive impacts on broader society. The need for purpose is one of the defining characteristics of human beings. Being part of a purpose-driven company matters more today than ever before.

“We have found that organizations that take the challenging steps to define their core purpose and values, and integrate these throughout their operations—beyond slogans or advertising gimmicks—see not only strong bottom-line results, they also find this approach transforms all aspects of their business,” said Elaine Dinos, principal of Korn Ferry’s Global Consumer Market practice.