The workforce and world as we know it is becoming more diverse. People are making vital contributions to our economy, while being progressively open about who they are. To that end, companies that embrace diversity have a better understanding in the marketplace than others.

A diverse labor force combines workers from different backgrounds and experiences that together breed a more resourceful, innovative, and prolific staff. Corporations have learned that they can draw upon diversity to reinforce their bottom line.

In this manner, diversity is a key ingredient to increasing a strong and inclusive economy that’s built to last.

A diverse labor force can capture a bigger share of the consumer market. By bringing together people from different backgrounds and experiences, companies can more successfully market to consumers from different racial and ethnic backgrounds, women, and buyers who are gay or transgender. It is no surprise, then, that studies show diversifying the workplace helps companies grow their market share.

Diversity in the workplace is essential to create a competitive economy in a globalized world. As societies continue to grow, it’s important to harness the talent of all people. Companies should continue to capitalize on the development of women, people of color, and gay and transgender people in the work force. Our growing diversity is a great opportunity for the United States to become more competitive in the global market by capitalizing on the exceptional talents and contributions that diverse groups bring to the table.

Enlisting a diverse pool of applicants means a more qualified workforce. When businesses recruit from a diverse set of potential workers, they are more likely to hire the finest and the brightest in the market. In a progressively competitive economy where talent is crucial to cultivating the bottom line, pooling from the biggest and most diverse set of candidates is necessary to succeed in the market.

Diversity nurtures a more creative and pioneering staff. Bringing together workers with different experiences, backgrounds, and skills are all key to effective problem-solving on the job. In the same way, diversity breeds creativity and innovation. Of 321 large global corporations—businesses with at least $500 million in yearly revenue—surveyed in a Forbes study in 2011, 85% agreed that diversity is vital to fostering modernism in the workplace.

Diversity is an important aspect of entrepreneurialism. Our nation’s tycoons are a diverse set of people of color, women, gay, and transgender people. According to the Census Bureau, people of color own 22.1 percent of U.S. companies. Furthermore, women own 28.8 percent of U.S. corporations, and Latina-owned companies in particular are the fastest-growing sector of the women-owned business market.