Most studies view organizational commitment as an outcome of the social exchange between an organization and the employee. However, there is reason to believe that perceived socially responsible behavior of the organization toward external parties will also influence the commitment of its employees. Few studies have examined the influence that an organization’s behavior toward external parties will have on the commitment of its internal employees. Corporate Social Responsibility (CSR) refers to social commitments that organizations have toward stakeholder groups during the course of conducting routine business. Through this paper we propose that perceptions of CSR will have a positive influence on the commitment of employees and this relationship will be mediated by job satisfaction of the employees. It is also proposed that the Indian pharmaceutical industry that is currently in a transitional stage could be a fertile research context for the proposed model.