(Image source from: MSN.com)

The Chief Executive Officer (CEO) of American multinational company Cognizant said job cuts can take place as early as end-October in his company.

Brian Humphries, talking at an investor event in New York City recently was quoted by Economic Times saying: "I do not believe in death by a thousand cuts, I would rather pull the Band-Aid off and get it behind us and set the context as to why this is critical and fast forward to the future."

The CEO of Cognizant, which is one of the famed IT companies in India, said that he will make sure that current restructuring at the company does not drag out over time.

As part of its plan of action, the company is considering increasing the variable pay component of salaries that will cut down its fixed cost.

As per earlier reports, Cognizant held the joining date of its new employees in bid to balance the work it has with the existing staff.

As of June 30, 2019, the IT company had 288,200 staff, up from 268,900 a year earlier and 2,81,600 at the end of 2018. Out of this 1,94,700 or around 64 percent were in India, the company said in its annual report for 2018.

By Sowmya Sangam