I searched but couldn’t find a function to use with a formula column to pad a value with zeros, but found that the TEXT({Opportunity Open Month},“00”) will appropriately pad a value with zeros (up to 2 values in my example, so “7” becomes “07”).

I actually used this as following in a Formula column:

{Opportunity Open Year} & “-” & TEXT({Opportunity Open Month},“00”) → 2021-03

The above formula allowed me to more easily sort, filter and chart my values. I’m sharing so the next person searching for “pad with zeros” may find an easy solution.