Navigating the Evolving Landscape of Job Markets and Recruitment: Embracing Technology Advancements With a Strategic Focus

Paul S. Young, Chief Financial Officer, Liberty Bank – CT

Paul S. Young, Chief Financial Officer, Liberty Bank – CT

Paul Young is Senior Executive Vice President & CFO of Liberty Bank, Connecticut’s oldest and largest independent mutual bank. He oversees Accounting, Treasury, Financial Planning & Analysis, Enterprise Project Management, Procurement, Digital Banking, Business Transformation and Strategic Planning.

With over 25 years in financial services, Paul previously served as CFO for Citizens Bank’s Consumer Deposits, Business Banking, and Citizens Access, and as Head of U.S. Strategy and Corporate Development and CFO for various U.S. lines of business at TD Bank. He also held senior financial roles at CIT Corporate Finance, Siemens Financial Services, Prudential Financial, First Fidelity Bank, HSBC and Spicer & Oppenheim. Paul was voted a C-Suite Award Winner by the Hartford Business Journal in 2023 and received the 2024 Special Ambassador of the Year Award from the American Institute of Certified Public Accountants (AICPA).

Paul holds a B.S. in Accounting from Bloomfield College, an MBA from Temple University and completed the Advanced Management Program at Duke University’s Fuqua School of Business. He is a CPA and Chartered Global Management Accountant (CGMA) and has served on several AICPA committees and advisory groups. He has also been involved in academia as an adjunct professor and advisory board member, demonstrating a strong commitment to education.

In today’s rapidly evolving job market, technology plays a pivotal role in transforming the way we approach recruitment and career advancement. As artificial intelligence and automated systems become increasingly integrated into hiring processes, candidates must adapt to the new landscape to turn challenges into opportunities. This shift necessitates a proactive approach to resume optimization and embracing change by acquiring new skillsets so that finance and accounting teammates can thrive in the digital age.

“Finance professionals need to be more strategic than ever, embracing continuous learning and soft skills like critical thinking and communication to thrive in a technology-driven job market”

I used to wait for the Sunday Classified Ads as a primary source of potential positions and then snail mail cover letters and resumes, waiting for what seemed like an eternity to hear back! Now there are so many ways to source and apply for finance positions instantaneously, which makes the process more efficient but also widens the talent pool of candidates. As a result, there is more competition than ever, and I believe finance professionals need to be more strategic than in the past to ensure they have the best chance of being successful in obtaining that “dream job” and avoid the search turning into a nightmare.

Technology is transforming businesses and as a result, employers are looking for finance professionals that are more forward-thinking that can lead change and partner with the business lines to create value. Finance transformation creates opportunities for employees that have a mindset of continuous learning, are adaptable and desire to be on the forefront of creating the future of finance by utilizing artificial intelligence tools. I view technical skills as table stakes right now and believe candidates can distinguish themselves with soft skills which are increasingly important including strategic and critical thinking, communication and storytelling, emotional intelligence.

Although, technology has made the process more efficient and provides greater access to positions for candidates, the use of automated screening may ignore resumes that don’t perfectly match the pre-defined criteria built into the applications and fail to pick-up the intangibles that a human recruiter on the front-end of the screening process may be able to recognize. Like all things AI, there is risk of implicit bias that may be baked into the automated systems leading to unfair exclusion of certain candidates.

From an opportunity perspective though, there is more access with the use of these systems. In addition, there are AI tools that candidates can use to optimize their application materials and help in highlighting how their experience and skillsets make them a great match for the position. I do not think AI is going to replace Finance or Accounting employees; I think it will replace employees that do not embrace the new opportunities that this industrial revolution is creating for our profession to be true business partners creating value.

Applicants need to change resumes so automated systems recognize them as a good match for their role. Candidates should customize their resume to include keywords that are in the job description. I also always look for action verbs on resumes to help stand-out – words like “achieved,” “analyzed” or “implemented” help to isolate achievements that help hiring managers distinguish between candidates with significant accomplishments versus those that are more focused on just performing functional responsibilities. A succinct professional summary that shows alignment with the role as the right next step in their career journey also resonates well with employers.

Resumes should also be concise and to the point on accomplishments. For my initial review, if it takes more than a minute for me to determine their skillsets and accomplishments, I move on. Make it easy for the employer to know that you are worthy of an interview by being clear and concise.

Many employers are now also using skills-based assessments including simulations to assess a candidate’s skillsets. There is much more focus on “proving” that you have the requisite skillsets than there had been in the past. Candidates should ensure that competencies represented on their resumes match the requirements of the position.

Lastly, if you do not get the position, learn from the experience, and keep moving forward. The future is bright in the Finance world and if you are dedicated to being a part of our exciting profession, embracing change and “moving with the cheese” by developing new skillsets are fundamental to your success!.