The Cosmetics Industry Buyers and Suppliers (CIBS) held its first Innovations Committee event on November 5 at Metro 53 in Manhattan. Guest speaker Sumita Banerjee, vice president of talent recruitment at L’Oreal USA, spoke to the future generation of the fragrance and cosmetic industry about current market trends and how to stay competitive.

The evening started out with the guests greeted by committee members then left free to mingle and network with colleagues. President of CIBS Fran Cardiff gave a brief overview of the new committee which was formed earlier this year to create educational events that cater to the next generation of the industry. The presentation was turned over to committee member Maggie Wedemeyer who introduced Sumita Banerjee as a former colleague who said “she is thoroughly impressed with Banerjee for having been promoted every two years in her employment, especially for being promoted to her new role at a time when promotions are hard to come by; this shows just how talented and effective she is at her job.”

Banerjee’s career path within L’Oreal is truly inspiring. She spoke about her own experience in the industry starting in package development and then later being approached about a human resources (HR) position within L’Oreal. She was not previously familiar with HR, but accepted the new role. Banerjee’s advice was to let yourself be open to new opportunities, even if you are not entirely comfortable. She also emphasized the benefits of social networking and pointed out that Facebook has enabled her to forge stronger relationships with her employees and to find new talent.

Banerjee also gave advice geared toward the economic situation. She urged the audience to think ahead to when the economy gets better and to prepare themselves for the competition. She quoted her favorite New York Times Op-Ed Columnist Thomas L. Freidman in a piece entitled “The New Untouchables” in which he said “just being an average accountant, lawyer, contractor or assembly-line worker is not the ticket it used to be. As Daniel Pink, the author of a “A Whole New Mind,” puts it ‘In a world in which more and more average work can be done by a computer, robot or talented foreigner faster, cheaper “and just as well,” vanilla doesn’t cut it anymore. It’s all about what chocolate sauce, whipped cream and cherry you can put on top.”

The Innovation Committee was happy with the turnout as well as the enthusiasm from the attendees. The committee is working toward its next event and plans to cover another educational topic. Possibilities of of upcoming topics include green packaging, innovative trends in the industry, and alternate markets for sourcing componentry.