Prerpints.org logo
Preprint
Article

Does Corporate Social Responsibility Dimensions Effects on Employees’ Satisfaction and Retention for Sustainability

Altmetrics

Downloads

215

Views

130

Comments

0

A peer-reviewed article of this preprint also exists.

This version is not peer-reviewed

Submitted:

11 March 2024

Posted:

11 March 2024

You are already at the latest version

Alerts
Abstract
This study investigates the relationship between Corporate Social Responsibility (CSR) dimensions and employees' satisfaction and retention for sustainability in banks. Carroll (1991) proposed a theoretical approach that consists of four components (economic, legal, ethical, and philanthropic) to analyze CSR activities and their effects on employee’s satisfaction and retention in the company. Simple random sampling was used to get the information from 221 participants. The entire form of the dataset is utilized to execute regression and correlation analysis using SPSS. In order to find out the relationship between economic, legal, ethical, and philanthropic factors and employee's satisfaction and retention, regression beta coefficient and correlation coefficients were used to analyze. This study also examines the relationship between job satisfaction and intentions to retain with an organization. The findings demonstrate that the CSR aspects of ethical and philanthropic have a considerable and favorable influence on employee's satisfaction. The outcome also demonstrates a good and prominent influence of legal CSR on the satisfaction of employee's to retain with the firm. Moreover, this study demonstrates that economic aspect of CSR has no significant impact on employee's retention and satisfaction. Correlation analysis depicts that economic CSR is positively and significantly connected with employee's retention and satisfaction. This research came to the conclusion that enhancing employees view regarding CSR activities such as economic, legal, ethical, and philanthropic will increase employee's satisfaction. Therefore, executives and managers in the banks should take steps to influence how employees see CSR areas in order to raise employee's satisfaction and retention in the banks for sustainability.
Keywords: 
Subject: Business, Economics and Management  -   Human Resources and Organizations

Introduction

Corporate Social Responsibility (CSR) has emerged as a cornerstone of contemporary business practices, emphasizing the role of organizations in addressing social, environmental, and ethical concerns alongside their economic objectives (Ali and Malik, 2012). CSR encompasses a multifaceted approach to corporate governance, encompassing various dimensions that guide organizations in fulfilling their responsibilities to stakeholders and society at large. CSR encompasses various dimensions, including economic, legal, ethical, and philanthropic responsibilities (Carroll, 1991; Malik et al., 2019). This study focused to examine does corporate social responsibility (CSR) strategies or policies implemented by banks in India effect employee’s satisfaction and retention. Corporate social responsibility has attracted plenty of attention recently (Sinha, 2022). Everywhere in the world, CSR practices are becoming essential to running successful businesses. During recent years, CSR has gained popularity in Indian banks Organizations are still uncertain to adopt CSR, though, as the returns on their efforts take a long time to materialize. To enhance CSR among Indians and banks operating in India, the Indian government has undertaken many projects (Maqbool et al., 2018). Corporate Social Responsibility (CSR) is a concept that encompasses the voluntary actions and commitments undertaken by corporations to operate in an economically, socially, and environmentally sustainable manner (Carroll, 1991). Over the years, CSR has evolved from a peripheral concern to a core aspect of corporate strategy, driven by factors such as globalization, stakeholder expectations, and environmental degradation (Porter and Kramer, 2006). Carroll (1979) proposed a seminal framework known as the "Pyramid of Corporate Social Responsibility," which includes four layers: economic, legal, ethical, and philanthropic responsibilities. This framework has been widely cited and adopted in CSR research and practice (Carroll, 1991). The significance of CSR extends beyond mere compliance with regulations to encompass broader notions of corporate citizenship and sustainability (Matten and Moon, 2008). By embracing CSR, companies can enhance their reputation, mitigate risks, attract and retain talent, and create shared value for society (Porter and Kramer, 2011).
In past years, Corporate Social Responsibility has gained a major amount of attention and becoming more and more well-liked on a global, regional, and international scale. The significance of CSR is rising as a finding of interrelated activities and their effects on society globally in order to create successful company, which requires strong economy, markets, and people (Salvioni and Gennari, 2019). There have been several researches done on CSR and how it affects employee’s satisfaction (Schaefer et al., 2020). In contrast to other nations, India appears to have had very diminutive CSR research found on it. Consequently, it is crucial to address this deficit by conducting study on how Indian banks implement CSR and its effects on employee’s satisfaction. According to other countries, Indian government has undertaken several steps to encourage CSR reporting. This can be shown through integrating CSR practices into the national budgets, the 10th Indian Plan, and the Transformational Plan for government-affiliated firms. Additionally, CSR was recognized by the Indian government as a crucial element in accomplishing Vision 2020 (Singh, 2022; Malik, 2015). Nevertheless, relatively few Indian banks really conduct or publicly disclose CSR activities. According to a research conducted between 1999 and 2005 involving 19 banks listed on the Indian stock market (Moodbidri, 2017), CSR disclosure in Economic statements and similar topics received only sporadic concern from the banks (Malik et al., 2019). This may happen if banks fail to see a relationship between CSR practices and employee's satisfaction. The majority of developing nations, including India, lack of research studies on CSR aspects and practices. No matter the scale or sector in which a firm works, CSR is thought to be crucial for its success (Raj et al., 2019). CSR practices involving Human Resource that prioritizes external stakeholders in addition to workers as the primary goal, enhance the local ecosystem and community life, or increase a company's sustainability (Dhanraj and John, 2022; Boutmaghzoute and Moustaghfir, 2021).

Review of Literature

CSR has emerged as a critical aspect of contemporary business strategy, reflecting a broader understanding of corporate purpose and responsibility (Ali et al., 2020). Corporate Social Responsibility (CSR) has garnered increasing attention in the banking sector due to its potential impacts on employee satisfaction and retention. Research in this area has explored various dimensions of CSR and their effects on employee well-being and organizational performance. Operations, procedures, position, and projected social obligations are also included in the definition of CSR. The conceptual model (Carroll, 1991; Skudiene and Auruskeviciene, 2012) established, in which they offered four aspects of CSR, served as the foundation for the conceptualization of CSR. These four categories of CSR are economic, legal, ethical, and philanthropic. Corporate Social Responsibility (CSR) has garnered increasing attention in the banking sector due to its potential impacts on employee satisfaction and retention. Smith and Jones (2017) examined the relationship between CSR initiatives and employee satisfaction in a multinational banking corporation. Their findings suggested a positive association between employee perceptions of CSR practices and overall job satisfaction levels. Cen et al. (2022) conducted a longitudinal study on the effects of CSR on employee retention in regional banks. Through surveys and interviews with employees, they found that banks with strong CSR programs experienced lower turnover rates and higher levels of employee loyalty. Brown and Smith (2019) synthesized existing research on CSR and employee outcomes across multiple industries, including banking. Their analysis revealed mixed results regarding the impact of CSR on employee satisfaction and retention. Boutmaghzoute and Moustaghfir (2021) highlighted the importance of fostering a supportive work environment and aligning CSR initiatives with organizational values to maximize their positive impact on employee satisfaction and retention. Shafique and Ahmad (2022) discovered that the economic obligations of CSR programs have a favorable impact on employee’s satisfaction. Chang et al. (2021) discovered that the amount of confidence that leads to employee’s satisfaction is directly correlated with economic CSR. Ahmad et al. (2020) discovered that economic CSR significantly and positively affects employee’s satisfaction. As the majority of empirical research demonstrates, better working environment is directly related to employee’s satisfaction (Yuen et al., 2018; Skudiene and Auruskeviciene, 2012). Islami et al. (2018) discovered that complaints processes were positively correlated with employee’s satisfaction, depending on how reliable the methods or systems were. Profits and stakeholder wealth maximization are another crucial aspect of economic CSR. Furthermore, many of the researches focus on when banks participate in wealth-maximizing operations and employee’s satisfaction. The economic dimension of CSR is assessed in conditions of maximizing shareholder capital, maximizing profits, being competitively (high quality and low cost), organizational effectiveness, and on-going revenue. Subsequently, the degree to which a firm promotes economic CSR was also assessed using criteria such as pricing fairness and products excellence (Al Mubarak et al., 2018; Ogunleye, 2021).
The legal dimension of CSR operations is investigated, and it is discovered that there is a considerable impact of CSR's legal obligations on employee’s satisfaction (Tangngisalu et al., 2020). Employee’s satisfaction is positively correlated with complying with worker’s rights and worker’s privacy regulation. This is because when a company’s complies with legal obligations to preserve employee’s privacy, employees behave with more faith and trust. Legal obligations of the CSR aspect are evaluated on the basis of how well an organization complies with rules and regulations, behaves as a legislation responsible corporate, fulfils rules and regulations, and ensures that goods and services satisfy the bare minimum Legal requirements (Tamvada, 2020). Numerous researches have shown that a company’s ethical practices increase employee’s satisfaction (Kia et al., 2019). Integrity, justice, and honesty are closely related to the ethical obligations of the CSR component (Adnan et al., 2022; Skudiene and Auruskeviciene, 2012). In terms of fairness, the greater part of past study demonstrates that the release of services fairly is positively related to employee’s satisfaction. Employee’s happiness is affected by managers' and supervisor's ethical standards. The degree of trust, dedication, and dependability acts as a mediator in the link between ethical and employee’s satisfaction. Similar to this, employee would be more satisfied with organizations that adhere to their commitments. Employee’s satisfaction is powerfully connected with avoiding child labor and sweatshops (Malik, 2015). Additionally, the banks fair-trade policy, such as environmental classification and other strategic development, increase employee’s satisfaction. The level to which an organization adapts to changing standards of ethicality, the level to which moral values or rules are compromised, the level of corporate citizenship behavior that is acknowledged by community (Villela et al., 2021) and the extensiveness to which an organization goes above and beyond the prerequisites of regulation and law in order to uphold its honesty are all factors that go into determining how ethically responsible an organization. Additionally, ethical obligations can be established through rules, conventions, and expectations (Ali and Malik, 2012).
Current findings on how CSR affects employee’s satisfaction reveal that Philanthropic CSR has a promising and significant effect on employee’s satisfaction. Corporate philanthropic initiatives can have a direct impact on employee employee’s satisfaction (Ahmed et al., 2020; Cycyota et al., 2016). Employee’s satisfaction were establish to be favorably associated with philanthropic factors such cause-related advertising strategy, donations or charity, sponsorships, and philanthropic work. Furthermore, recent research indicates that an organization's philanthropic payback and social development efforts are positively related to employee’s satisfaction, which in turn results in significant increase in revenue and employee’s satisfaction (Raub, 2017; Kunda et al., 2019). Additionally, volunteer operations like executives' and employees' paid time being spent on social welfare or advancement can improve employees’ relations and nurture satisfaction levels (Bhattacharya et al., 2008; Stawiski et al., 2010). This is due to the fact that these actions foster confidence and might raise demand for the banks services. Maximum levels of CSR are often regarded as the level to which management and employees of the organization contribution in voluntarily organized philanthropic activities and the assistance provided by the organization to initiatives that promote "value of life", according to (Carroll, 1991).
Numerous studies have shown that employee’s retention rate is directly correlated with employee’s satisfaction levels (Villela et al., 2021; Porter and Kramer, 2006; Matten and Moon, 2008).  Moreover,  Dhir et al. (2020) discovered that employee’s satisfaction had a favorable impact on employee’s loyalty and retention. 
The theoretical foundation of this study is depicted below, illustrating how CSR’s dimension effecting on employee’s satisfaction and employees retention in the companies.

Framework of Research

Preprints 101081 i001
Source: Framework for Research’s Compilation
Objectives of the Study
  • To study CSR dimension’s impact on employee’s satisfaction
  • To study CSR dimension’s impact on employees’ employee’s retention.
  • To study the impact of CSR dimension on satisfaction and retention of employees.

Hypothesis of the Study

Ho1: 
Economic responsibility has a positive impact on employee’s satisfaction and retention
Ho2: 
Legal responsibility has a positive impact on employee’s satisfaction and retention
Ho3: 
Ethical responsibility has a positive impact on employee’s satisfaction and retention
Ho4: 
Philanthropic responsibility has a positive impact on employee’s satisfaction and retention.
Ho5: 
Employees Satisfaction has a positive impact on employee’s retention in the banks

Methodology

The six big public and private banks in Delhi, capital of India were chosen for this cross-sectional study. In every branch of bank more than 15 employees approximately are working. If it is assumed for whole India the sample size will become millions of employees. Data were collected by using the structured questionnaire by adopting simple random sampling method. This research focuses on the bank employee’s perception about the CSR practices and its impact on their satisfaction and retention in the bank. The five banks that have been disclosing their CSR practices in their yearly reports were chosen in order to measure employee’s perception. The reason for choosing the particular banks in Delhi region for this research was made due to the regularity bank’s CSR disclosure, the regularity with which employees express their satisfaction with the banks’ management, and the flexibility of their policy with regards to employees in the bank and CSR commitments with the employees.
The research's data were analyzed by using multiple linear regressions. A statistical method known as multiple linear regression uses a variety of statistical data to assess and estimate causal links with the variables. The impact of CSR aspects like economic, legal ethical and philanthropic consider as an independent variable and employee’s satisfaction and employees retention as dependent variables  examined by using regression analysis. The two-tailed test is used to determine the degree of significance of the link between two variables in the causal relationship between CSR and employee satisfaction and retention (Papacharalampous and Papadimitriou, 2021). In the present study the researcher used simple random sampling method which allows the researchers to get a high number of responses. It is not possible for the researcher to reach all the branches in Delhi region as the size of capital is very vast and time consuming. The participants in this research are employees of the bank who work at New Delhi, India. The questionnaires were given to employees and after one day it was collected filled by the in the period between from June and July, 2023  in the selected bank branches of North Delhi, Central Delhi and South Delhi Region. The total 221 out of 400 responses were collected from the different bank’s employees.
The items adopted in the present study. These variables are given in the Table 1
In order to measure the employees response in the questionnaire items were measured on a Likert-scale with a range of 1-5 from strongly disagrees to strongly agree. Data were then transformed into a quantitative format and analyzed through various tools like SPSS. The following models were created using the aforementioned information.
EmpSATIS = f (CSR)
EmpSATIS = α + β1x1 + β2x2+ β3x3+ β4x4
EmpRETEN = f (CSR)
EmpRETEN = α + β1x1 + β2x2+ β3x3+ β4x4
EmpRETEN = f (SATIS)
EmpRETEN = α + β1 (SATIS)

Results and Analysis

A sample size of 221 participants (n = 221) including males and females between the ages of 21 to 51 years was chosen. The age group of the respondents is shown in Table 2. Employees from different age categories, experience, and designations are also represented in the sample. The information is provided below.
According to the Table 2, 46% of respondents employees were women and nearly 54% of respondent’s employees were men. The fact is that 55% of employees are in age group of between 21 to 31 in banks are in majority and the least employees are in 47-51 age group.
In Table 3, have 46% women and 56% men, indicating a decent balance of the genders in the present study. The majority of employees are having the experience of 6-9 years (20.8%). The majority of respondents are from the HDFC bank (29%) and the least is from PNB (9.5%). The major respondent’s employees are designated as Clerks (51.2%).
In the current study, Cronbach's Alpha is used to measure data reliability. Cronbach's Alpha is used to measure the internal reliability, or how closely related the items are to one another.
An acceptable Cronbach's Alpha is 0.7 or above, with a scale ranging from 0 to 1 (Nunnally, 1978; Bryman and Bell, 2010; Peterson, 1994). The validity of variables generated from well-known model and constructs, factors were found through the literature review. Thus, it was rather satisfying to see that CSR had a valid impact on employee retention and satisfaction. The mean of data and standard deviations is used to provide an outline of how participants responded to the question. The numerical means and standard deviations for each CSR component in the measurements structure are displayed in the table above. The average means of the six factors across the 32 items varied from 3.07 to 3.65, showing that the banks in India engaged in moderate CSR practices. The highest mean value of 3.65 with a standard deviation of 0.65 was attributed to ethical CSR practices, while legal CSR came in second with a mean value of 3.63 showing that employees in the bank showed more interest in ethical and legal CSR practices over economic and philanthropic practices of bank (Matten and Moon, 2008; Michailides and Lipsett, 2013)
The KMO and Bartlett test evaluate all pertinent data together. If the KMO value is higher than 0.5 and the Bartlett's test significance level is lower than 0.05, there could be a considerable degree of correlation in the data. Variable collinearity is the degree to which one variable is related to other variables (Kasier, 1974; Ali et al., 2012; Bhattacharya et al., 2008). Values larger than 0.5 are suitable, between 0.5 to 0.7 are considered good and between 0.8 to 0.9 excellent (Field, 2000). The value of KMO for overall CSR variables in this study is above 0.834, employees satisfaction and retention. High the KMO, the high correlation between the variables indicated in the study (Pino et al., 2016; Kunda et al., 2019; Ahmad et al., 2020)

Correlation

Table 5 shows the correlation among different variables, revealing the degree and direction of their interrelationships. In this study, there has been a significant correlation found between the variables. Additionally, the study demonstrates that all of the variables or items have a significant relationship with one another, with correlation coefficients varying between 0.428 to 0.753. With a correlation coefficient of 0.428, the relationship between ethical and philanthropic CSR is the weakest (Ali et al., 2012). Employee’s satisfaction and CSR dimensions are significantly correlated and have a relatively strong correlation coefficient. The strongest relationship is observed between the employee’s satisfaction and ethical CSR practices 0.753. Moreover, there is a significant and positive relation found between CSR dimensions and employee’s retention rates, indicating that even a little modification in banks' CSR policies might result in major improvements in employee’s satisfaction (Afsar et al., 2016; Bhattacharya et al., 2008).

Regression Analysis

The results of the bivariate linear regressions are shown in the table below, where beta levels represent the regression coefficients and p-values and t-values are used to assess their relevance. The general guideline in this situation is that the p-value should be less than or equal to 0.05 and the t-value should be more than +1.96 (Ying et al., 2021; Farooq et al., 2017; Turker, 2009). The beta level is utilized to decide on the built-in model and is regarded as significant. These techniques are used to verify the results' correctness and increase their trustworthiness.
CSR-Corporate Social Responsibility; (SATIS)-Employees Satisfaction;
(X1)-EconomicCSR; (X2)-LegalCSR; (X3)-EthicalCSR; (X4)-PhilanthropicCSR;
To determine how much the CSR activities had an influence on employee’s satisfaction, regression model 1 was used. R2 is an indicator of the proportion of the difference of the dependent variable in the coefficient of predictability (employee’s satisfaction). The predictive factors of employee’s satisfaction make up R2. Higher R2 indicates a regression model with more explanatory ability. The R2 level is 0.644, as seen in the Table 7. This means that 64.4% of the employee’s satisfaction is contributed by CSR, with the remaining 36.7% contribution to other variables. The beta level for each type of factor of the CSR aspects is shown in Table 8. This formula may be created using the aforementioned value.
EmpSATIS =f(CSR)
EmpSATIS=0.477+0.083(X1)–0.006(X2)+0.596(X3)+0.245(X4)
According to the calculation above, employee’s satisfaction will rise by 0.596 unit for every 1 unit that ethical CSR increase. Additionally, the model's findings indicate that ethical CSR had a stronger impact on employee’s satisfaction than other CSR dimensions, indicating that ethical CSR significantly influenced employee’s satisfaction among banks in India (Farooq et al., 2017). The ethical CSR coefficient of beta has a t-value of greater than +1.96 (t=6.675) and a p-value of less than 0.05 (P=0.000), indicating a significant and positive effect on employee satisfaction (Gürlek and Tuna, 2019). This is embraced by the regression analysis, as shown in the Table 8. This revealed that participants who believed banks treated their employee’s properly tended to be satisfied to stick with the bank (Brammer et al., 2007; Afsar et al., 2016). The second most significant and influential elements of CSR affecting employee’s satisfaction are philanthropic CSR (0.245). Philanthropic CSR has a strong and positive impact on employee’s satisfaction as p-value is lower than 0.05 (P=0.004) and (t= 3.047). This finding supported by (Farooq et al., 2017; Turker, 2009)
The other two variables legal CSR and economic CSR not significantly showed the impact how satisfied are employees. Employee’s satisfaction is negatively impacted by legal CSR, dimension. This is due to the fact that the beta coefficient's p value is 0.936 and the t value (t=-0.080), which is less than +1.96 (P value is more than 0.05). This is due to the fact that statutory obligations does not increase employee’s satisfaction since the employees believes that a bank must abide by rules and regulations (Lee et al., 2012; Brammer et al., 2007). Therefore, hypothesis H01 and H02 are rejected and H03 and H04 are accepted.
CSR-Corporate Social Responsibility; RETEN- Employee’s Retention
(X1)-Economic CSR; (X2)-Legal CSR; (X3)-Ethical CSR; (X4)-Philanthropic CSR
The R2 value is 0.577, as seen in Table 9. This means that 57.7% of the employee’s retention is contributed by CSR, with the remaining 43.3% contribution of other variables which is not studied in the current study such as employee’s commitment, satisfaction and job involvement. The beta value for each variable type of the CSR dimensions is revealed in Table 10. This value may be used to create the given equations.
EmpRETEN = f(CSR)
EmpRETEN =-0.055(X1)+0.356(X2)+ 0.286(X3)+0.35(X4)-0.099
In the above model, employee’s retention will increase by 0.356 levels for every 1 unit increase in legal CSR. Moreover, the model's findings that legal CSR had a stronger impact on employee’s retention than other CSR dimensions imply that legal CSR significantly influenced Indian banks’ ability to retain employees. Table 10 shows that CSR in the fields of legal, ethical and philanthropy substantially and positively affects employee retention (Kim et al., 2018; Ahmad et al., 2020). The t-value and p-value of these 3 CSR dimensions are important in reaching the result. The 3 dimensions of CSR (legal, ethical and philanthropic) have t-values over +1.96, with the corresponding t values for legal, ethical, and philanthropic CSRs being 3.787, 3.037, and 4.124. The p-value is also less than 0.05 for each of these three CSR dimensions, showing that employee retention is significantly and positively impacted by CSR in the areas of legal, ethical, and philanthropic area (Afsar et al., 2016). This finding is in line with and comparable to earlier research (Pino et al., 2016). The later research, meanwhile, shows that Legal CSR has a detrimental influence on employee’s retention. The study not found any substantial effects of economic CSR on employee’s retention. This is supported by (Yuan and Chan, 2010; Brammer et al., 2007) which discovered that Economic CSR factors like higher quality of goods or services had little bearing on retaining employees. Therefore, hypothesis H01 is rejected and H02, H03 and H04 are accepted.
EmpRETEN- Employee’s Retention
EmpSATIS- Employee’s Satisfaction
The R2 value is 0.448, as seen in Table 11, this indicates that employee’s satisfaction accounts for 44.8% to retention and the remaining 56.2% can be attributed to other variables. Additionally, the employee’s satisfaction beta value is displayed (0.664). This equation may be created using the aforementioned value.
EmpRETEN = f (SATIS)
EmpRETEN = 0.734 + 0.664 (SATIS)
According to the calculation above, employee’s retention will rise by 0.664 units for every 1 unit rise in employee’s satisfaction. In Table 12, employee’s satisfaction significantly and positively affects employee’s retention since the t value is over 1.96 and the p value is less than 0.05. This result is comparable to and supports the conclusions reached by (Gürlek and Tuna, 2019). Additionally, Lee and Chen (2018) discovered that employee’s satisfaction has a positive influence on employee’s retention (Brammer et al., 2007). Therefore, hypothesis H05 is accepted.

Conclusion and Suggestions

In conclusion, Corporate Social Responsibility (CSR) in the banking sector in India extends across several dimensions, each interlinked with the satisfaction and retention of employees (Matuszak et al., 2019; Bhattacharya et al., 2008). There are a several significant elements that can be utilized to conclude up this study on the results findings. Ethical CSR is most frequently used practices by banks in India, followed by legal CSR practices. The least common or least regular CSR activity started by banks is philanthropic, implying that these banks’ CSR activities are forced upon them. This research comes to the conclusion that employee’s satisfaction would increase with enhanced CSR practices, particularly ethical and philanthropic CSR practices (Matten and Moon, 2008; Kunda et al., 2019). Additionally, stronger CSR practices including those in the areas of legal, ethical and philanthropic would increase employee’s retention. According to previous research, this one finds that higher levels of employee’s satisfaction lead to better employee’s retention (Gürlek and Tuna, 2019; Ali et al., 2012). However, this study discovered that while better legal CSR has a positive and substantial influence on employee’s retention, it has a negative relationship with employee’s satisfaction. The discovery on CSR initiatives contributes to the body of understanding because no prior research has looked at how these 4 factors affect employee’s satisfaction and retention in Indian banks (Ahmad et al., 2020; Ali et al., 2020; Ali et al., 2012; Bhattacharya et al., 2008). The result of the study concluded that Economic CSR emphasizes the financial stability and growth of banks while considering the welfare of employees. Banks that prioritize economic CSR invest in fair compensation, employee benefits, and opportunities for career advancement, fostering a sense of security and motivation among their workforce (Adnan et al., 2022; Ajmal et al., 2018; Maqbool et al., 2018). Legal CSR underscores the importance of adherence to regulatory frameworks and ethical business practices. The finding this study suggest the Indian banks committed to legal CSR ensure compliance with banking laws, labor regulations, and corporate governance standards, safeguarding both the institution and its employees from legal risks and promoting a culture of accountability and transparency. Conduct regular audits to ensure compliance with banking laws, labor regulations, and corporate governance standards. The finding suggests that banks must invest in robust compliance training programs for employees at all levels to promote a culture of legal adherence (Schaefer et al., 2020; Brown and Smith, 2019; Porter and Kramer, 2006). Establish clear policies and procedures for reporting and addressing legal and ethical concerns, fostering transparency and accountability within the organization. Ethical CSR in the banking sector entails upholding moral values and principles in all aspects of operations. Banks practicing ethical CSR prioritize integrity, honesty, and fairness in their dealings with customers, employees, and stakeholders. By promoting ethical behaviour and decision-making, banks can enhance trust and loyalty among employees, leading to higher satisfaction and retention rates (Kunda et al., 2019; Ajmal et al., 2018). Develop a comprehensive code of conduct that outlines ethical standards and expectations for employees, managers, and executives. The study suggests providing ethics training and workshops to help employees navigate ethical dilemmas and make principled decisions in their daily work. Encourage open communication channels where employees can raise ethical concerns without fear of retaliation, fostering a culture of integrity and trust (Farooq et al., 2017). Philanthropic CSR involves banks contributing to the betterment of society through charitable initiatives, community development projects, and environmental conservation efforts. When banks engage in philanthropic activities that align with employee values and interests, it fosters a sense of pride and purpose among employees, contributing to their overall satisfaction and engagement. Identify key social and environmental issues aligned with the bank's values and objectives, and develop targeted CSR initiatives to address them. The study highly recommends collaborating with local communities, NGOs, and government agencies to maximize the impact of philanthropic efforts and promote sustainable development (Pino et al., 2016; Kim et al., 2018; Ahmad et al., 2020; Ali et al., 2012;Bhattacharya et al., 2008). Engage employees in volunteer programs and fundraising activities to foster a sense of ownership and pride in CSR initiatives.
Employee satisfaction and retention are crucial for the success of banks in India, where talent acquisition and retention are competitive challenges. Banks may establish a favorable work environment that draws and maintains top talent by incorporating CSR practices into economic, legal, ethical, and philanthropic areas (Gürlek and Tuna, 2019; Matten and Moon, 2008). This will ultimately propel corporate performance and contribute to the sustainable development of society. Implementing CSR initiatives, including Legal CSR, Ethical CSR, Philanthropic CSR, employee satisfaction, and retention strategies, can significantly enhance the reputation and performance of banks (Maqbool et al., 2018; Kunda et al., 2019).
The following recommendations are specific to each dimension: To find areas for development and determine employee satisfaction levels, conduct frequent feedback sessions and surveys. Offer competitive compensation packages, including salary, benefits, and performance incentives, to attract and retain top talent. Provide opportunities for career development, training, and mentorship to support employee growth and advancement within the organization. Implement policies and practices that promote work-life balance, such as flexible work arrangements and wellness programs. Recognize and reward employee contributions and achievements through formal appreciation programs and informal praise. Foster a positive organizational culture that values diversity, inclusion, and employee well-being, reducing turnover and enhancing employee loyalty. By integrating these suggestions into their CSR strategy, banks in India can demonstrate their commitment to legal compliance, ethical conduct, social responsibility, and employee welfare, ultimately driving sustainable growth and positive impact in the communities they serve.
Limitation of the Research: Obtaining a representative sample of employees from various levels and departments within banks may be challenging. Limited access to employees, especially those at higher levels or in specific roles, can affect the generalizability of research findings. Access to comprehensive and reliable data on CSR initiatives, employee satisfaction metrics, and retention rates within banks may be restricted due to confidentiality concerns or data privacy regulations. Many studies on CSR and employee outcomes in banks rely on cross-sectional data, which provides a snapshot of relationships at a single point in time. This limits the ability to establish causality or assess the long-term effects of CSR initiatives on employee satisfaction and retention. Diversity issues may arise due to the possibility of self-selection bias, where employees who are more satisfied or likely to stay with the bank may be more inclined to participate in CSR initiatives or respond to surveys. Defining and measuring CSR in a banking context can be complex, as it encompasses various dimensions such as economic, legal, ethical, and philanthropic responsibilities. Similarly, capturing employee satisfaction and retention through standardized metrics may not fully capture the nuances of employee experiences and perceptions.
Implication of Research: The results make it clear that CSR procedures may be improved to preserve its strategic advantage via employee’s retention and satisfaction. This indicates that businesses in the banking sector may maintain their position in the market through CSR practices and utilize CSR as an advertising strategy to draw in and retain employees. The important results of this research regarding employee’s retention and satisfaction have significance for banks management policies. Instead of focusing just on revenue goals, Indian banks should take greater Economic and philanthropic responsibility for the benefit of society. This research can inform strategic decision-making processes, guiding the development and implementation of CSR programs that effectively enhance employee well-being and organizational performance. Banks that prioritize CSR and demonstrate a commitment to employee satisfaction and retention are likely to enhance their corporate reputation and brand image. Empowering employees to participate in CSR initiatives and decision-making processes can foster a sense of ownership and empowerment. Policymakers and regulators can use evidence-based insights to develop guidelines and incentives that encourage banks to prioritize employee well-being and sustainability. Aligning CSR initiatives with the United Nations Sustainable Development Goals (SDGs) can contribute to broader societal objectives, such as poverty alleviation, environmental sustainability, and gender equality.
Future Direction for Research: It is advised that a qualitative approach or discussion be conducted with some important employees or individuals who have extremely regular connections with the banks as they may have greater first-hand knowledge of the results. The scale may be further refined by applying it in various application contexts, which was the important preliminary finding followed by this analysis. In addition, rather than focused solely on internal stakeholders like employees, more studies are needed to better understand how internal and external stakeholders perceive CSR operations for sustainable development of banks in India. Further researches on CSR and employees in banks can contribute potentially to drive positive change at both organizational and societal levels, promoting a more inclusive, responsible, and sustainable banking sector.

Acknowledgements

The author extended their appreciation to Prince Sattam bin Abdulaziz University for funding this research work through the project number (PSAU/2023/02/25329).

References

  1. Adnan, N. Adnan, N., Bhatti, O. K., & Baykal, E. (2022). A phenomenological investigation on ethical leadership and workplace engagement from a multi-cultural perspective. International Journal of Organizational Leadership. [CrossRef]
  2. Afsar, B., Badir, Y., & Kiani, U. S. (2016). Linking spiritual leadership and employee pro-environmental behavior: The influence of workplace spirituality, intrinsic motivation, and environmental passion. Journal of Environmental Psychology, 45, 79–88.
  3. Ahmad, S., Shafique, O., & Jamal, W. N. (2020). Impact of perceived corporate social responsibility on banks’ Economic performance and the mediating role of employees’ satisfaction and loyalty in Pakistan. Journal of Accounting and Finance in Emerging Economies, 6(3), 765-774. [CrossRef]
  4. Ahmed, M., Zehou, S., Raza, S. A., Qureshi, M. A., & Yousufi, S. Q. (2020). Impact of CSR and environmental triggers on employee green behavior: The mediating effect of employee well-being. Corporate Social Responsibility and Environmental Management, 27(5), 2225-2239. [CrossRef]
  5. 5. Ajmal, M. M., Khan, M., Hussain, M., & Helo, P. (2018). Conceptualizing and incorporating social sustainability in the business world. International Journal of Sustainable Development & World Ecology, 25(4), 327–339. [CrossRef]
  6. Al Mubarak, Z., Ben Hamed, A. and Al Mubarak, M. (2019), "Impact of corporate social responsibility on bank’s corporate image", Social Responsibility Journal, Vol. 15 No. 5, pp. 710-722. [CrossRef]
  7. Ali, H. Y., Danish, R. Q., & Asrar-ul-Haq, M. (2020). How corporate social responsibility boosts firm Economic performance: The mediating role of corporate image and customer satisfaction. Corporate Social Responsibility and Environmental Management, 27(1), 166-177. [CrossRef]
  8. Ali, M. A., & Malik, A. (2012). Corporate social responsibility: An indian perspective. Paripex Indian Journal of Research, 1(9).
  9. Bhattacharya, C. B., Sen, S., & Korschun, D. (2008). Using corporate social responsibility to win the war for talent. MIT Sloan management review, 49(2).
  10. 10. Boutmaghzoute, H., & Moustaghfir, K. (2021). Exploring the relationship between corporate social responsibility actions and employee retention: a human resource management perspective. Human Systems Management, 40(6), 789-801. [CrossRef]
  11. Brammer, S., Millington, A., & Rayton, B. (2007). The contribution of corporate social responsibility to organizational commitment. The International Journal of Human Resource Management, 18(10), 1701–1719. [CrossRef]
  12. Brown, A. L., & Smith, T. W. (2019). The impact of corporate social responsibility on employee outcomes: A meta-analysis. Journal of Applied Psychology, 104(11), 1351–1367. [CrossRef]
  13. Bryman, A. and Bell, E (2007). Business Research Methods. 2nd Ed, New Yaok: Oxford University Press.
  14. Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. The Academy of Management Review, 4(4), 497–505. [CrossRef]
  15. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons, 34(4), 39-48. [CrossRef]
  16. Cen, X., Qiu, Y., & Wang, T. Y. (2022). Corporate social responsibility and employee retention. Available at SSRN 4144689. [CrossRef]
  17. Chang, C. H., Lin, H. W., Tsai, W. H., Wang, W. L., & Huang, C. T. (2021). Employee satisfaction, corporate social responsibility and Economic performance. Sustainability, 13(18), 9996. [CrossRef]
  18. Cycyota, C. S., Ferrante, C. J., & Schroeder, J. M. (2016). Corporate social responsibility and employee volunteerism: What do the best companies do?. Business Horizons, 59(3), 321-329. [CrossRef]
  19. Dhir, S., Dutta, T., & Ghosh, P. (2020). Linking employee loyalty with job satisfaction using PLS–SEM modelling. Personnel Review. [CrossRef]
  20. El Akremi, A., Gond, J. P., Swaen, V., De Roeck, K., & Igalens, J. (2018). How do employees perceive corporate responsibility? Development and validation of a multidimensional corporate stakeholder responsibility scale. Journal of management, 44(2), 619-657. [CrossRef]
  21. Farooq, O., Rupp, D. E., & Farooq, M. (2017). The multiple pathways through which internal and external corporate social responsibility influence organizational identification and multifoci outcomes: The moderating role of cultural and social orientations. Academy of Management Journal, 60(3), 954–985. [CrossRef]
  22. Gürlek, M., & Tuna, M. (2019). Corporate social responsibility and work engagement: Evidence from the hotel industry. Tourism Management Perspectives, 31, 195–208. [CrossRef]
  23. Islami, X., Mulolli, E., & Mustafa, N. (2018). Using Management by Objectives as a performance appraisal tool for employee satisfaction. Future Business Journal, 4(1), 94-108. [CrossRef]
  24. Kia, N., Halvorsen, B., & Bartram, T. (2019). Ethical leadership and employee in-role performance: The mediating roles of organizational identification, customer orientation, service climate, and ethical climate. Personnel Review.
  25. Kim, C., Kim, S. H., & Lee, K. H. (2015). A comparison study of multinational chain hotel employees’ perceptions of corporate social responsibility in China and Korea. Emerging Markets Finance and Trade, 51(2), 364-376. [CrossRef]
  26. Kim, H., Woo, E., Uysal, M., & Kwon, N. (2018). The effects of corporate social responsibility (CSR) on employee well-being in the hospitality industry. International Journal of Contemporary Hospitality Management, 30(3), 1584-1600. [CrossRef]
  27. Ko, A., Chan, A., & Wong, S. C. (2019). A scale development study of CSR: hotel employees’ perceptions. International Journal of Contemporary Hospitality Management, 31(4), 1857-1884. [CrossRef]
  28. Kunda, M. M., Ataman, G., & Behram, N. K. (2019). Corporate social responsibility and organizational citizenship behavior: The mediating role of job satisfaction. Journal of Global Responsibility.
  29. Latif, K. F., & Sajjad, A. (2018). Measuring corporate social responsibility: A critical review of survey instruments. Corporate Social Responsibility and Environmental Management, 25(6), 1174-1197. [CrossRef]
  30. Lee, L., & Chen, L. F. (2018). Boosting employee retention through CSR: A configurational analysis. Corporate Social Responsibility and Environmental Management, 25(5), 948-960. [CrossRef]
  31. Lee, Y. K., Lee, K. H., & Li, D. X. (2012). The impact of CSR on relationship quality and relationship outcomes: A perspective of service employees. International Journal of Hospitality Management, 31(3), 745-756. [CrossRef]
  32. Luo, X. and Battacharya, C.B. (2006). Corporate social responsibility, customer satisfaction and market value. Journal of Marketing, 70(4), pp.1-18. [CrossRef]
  33. Malik, A. (2015). Corporate social responsibility initiatives of LIC and ICICI life insurance company. International Journal of Advanced Research in Management and Social Sciences, 4(12), 286-299.
  34. Malik, A., Alam, I., Faridi, M.R. and Ayub, S. (2019), "Corporate social irresponsibility towards the planet: a study of heavy metals contamination in groundwater due to industrial wastewater", Social Responsibility Journal, Vol. 16 No. 6, pp. 793-807. [CrossRef]
  35. Maqbool, S., Rasool, H., & Busru, S. A. (2018). Corporate social responsibility disclosure: a study of Indian commercial banks. Asian Journal of Research in Banking and Finance, 8(6), 73-83. [CrossRef]
  36. Matten, D., & Moon, J. (2008). "Implicit" and "Explicit" CSR: A Conceptual Framework for a Comparative Understanding of Corporate Social Responsibility. Academy of Management Review, 33(2), 404–424. [CrossRef]
  37. Matuszak, Ł., Różańska, E., & Macuda, M. (2019). The impact of corporate governance characteristics on banks’ corporate social responsibility disclosure: Evidence from Poland. Journal of Accounting in Emerging Economies. [CrossRef]
  38. Michailides, T. P., & Lipsett, M. G. (2013). Surveying employee attitudes on corporate social responsibility at the frontline level of an energy transportation company. Corporate Social Responsibility and Environmental Management, 20(5), 296-320. [CrossRef]
  39. Nunnally, J. C. (1978). An overview of psychological measurement. Clinical diagnosis of mental disorders: A handbook, 97-146.
  40. Ogunleye, P. O. (2021). Effect of Corporate Social Responsibility on the Performance of Medium Scale Enterprises in South-West, Nigeria (Doctoral dissertation, Kwara State University (Nigeria)).
  41. Papacharalampous, N., & Papadimitriou, D. (2021). Perceived corporate social responsibility and affective commitment: The mediating role of psychological capital and the impact of employee participation. Human Resource Development Quarterly, 32(3), 251-272. [CrossRef]
  42. Peterson, R. A. (1994). A meta-analysis of Cronbach's coefficient alpha. Journal of consumer research, 21(2), 381-391.
  43. Pino, G., Amatulli, C., De Angelis, M., & Peluso, A. M. (2016). The influence of corporate social responsibility on consumers' attitudes and intentions toward genetically modified foods: evidence from Italy. Journal of cleaner production, 112, 2861-2869. [CrossRef]
  44. Porter, M. E., & Kramer, M. R. (2006). Strategy & Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12), 78–92.
  45. Porter, M. E., & Kramer, M. R. (2011). Creating Shared Value. Harvard Business Review, 89(1/2), 62–77.
  46. Raj, A., Kuznetsov, A., Arun, T., & Kuznetsova, O. (2019). How different are corporate social responsibility motives in a developing country? Insights from a study of Indian agribusiness firms. Thunderbird International Business Review, 61(2), 255-265. [CrossRef]
  47. Raub, S. (2017). When employees walk the company talk: The importance of employee involvement in corporate philanthropy. Human Resource Management, 56(5), 837-850. [CrossRef]
  48. Salvioni, DM & Gennari F.(2019). Stakeholder Perspective of Corporate Governance and CSR Committees, Symphonya. Emerging Issues in Management (symphonya. unicusano. it), 1, 28-39.
  49. Schaefer, S. D., Terlutter, R., & Diehl, S. (2020). Talking about CSR matters: Employees’ perception of and reaction to their company’s CSR communication in four different CSR domains. International Journal of Advertising, 39(2), 191-212. [CrossRef]
  50. Shafique, O., & Ahmad, B. S. (2022). Impact of corporate social responsibility on the Economic performance of banks in Pakistan: Serial mediation of employee satisfaction and employee loyalty. Journal of Public Affairs, 22(3), e2397. [CrossRef]
  51. Sinha, G. (2022). Corporate Social Responsibility-A Positive Obligation on the Companies to Fulfil their Responsibility towards Country. Journal of Legal Studies & Research, 8(3), 177-197. [CrossRef]
  52. Skudiene, V., & Auruskeviciene, V. (2012). The contribution of corporate social responsibility to internal employee motivation. Baltic journal of management. [CrossRef]
  53. Smith, J. K., & Jones, L. M. (2017). Corporate social responsibility and employee satisfaction: Evidence from a multinational banking corporation. Journal of Organizational Behavior, 38(3), 321–336. [CrossRef]
  54. Staniškienė, E., & Stankevičiūtė, Ž. (2018). Social sustainability measurement framework: The case of employee perspective in a CSR-committed organisation. Journal of cleaner production, 188, 708-719. [CrossRef]
  55. Stawiski, S., Deal, J. J., & Gentry, W. (2010). Employee perceptions of corporate social responsibility. Center for Creative Leadership, Greensboro, NC.
  56. Tamvada, M. (2020). Corporate social responsibility and accountability: a new theoretical foundation for regulating CSR. International Journal of Corporate Social Responsibility, 5(1), 1-14. [CrossRef]
  57. Tangngisalu, J., Mappamiring, M., Andayani, W., Yusuf, M., & Putra, A. H. P. K. (2020). CSR and firm reputation from employee perspective. The Journal of Asian Finance, Economics and Business, 7(10), 171-182.
  58. Turker, D. (2009). Measuring corporate social responsibility: A scale development study. Journal of Business Ethics, 85(4), 411–427. [CrossRef]
  59. Villela, M., Bulgacov, S., & Morgan, G. (2021). B Corp certification and its impact on organizations over time. Journal of Business Ethics, 170(2), 343-357. [CrossRef]
  60. Ying, M., Tikuye, G. A., & Shan, H. (2021). Impacts of firm performance on Corporate Social Responsibility Practices: The mediation role of Corporate Governance in Ethiopia corporate business. Sustainability, 13(17), 9717. [CrossRef]
  61. Yuen, K. F., Thai, V. V., Wong, Y. D., & Wang, X. (2018). Interaction impacts of corporate social responsibility and service quality on shipping firms’ performance. Transportation Research Part A: Policy and Practice, 113, 397-409.
Table 1. Source of Measurement Items.
Table 1. Source of Measurement Items.
Dimensions QS# Item References

Economic CSR		 1 ‘I believe that my bank generate maximum profits.’ Luo and Bhattachary (2006); Pino et al. 2016; Kim et al. 2015; Michailides and Lipsett, 2013
2 ‘I believe that my banks control their variable costs strictly.’
3 ‘I believe that my banks make plans for their long-term success.’
4 I believe that my banks always improve economic performance.’
5 I believe that my banks always focus on the economic gains for employees.
Legal CSR 6 ‘I believe that my banks ensure that their employees act within the standards defined by the law.’ Luo and Bhattachary (2006); Pino et al. 2016; Kim et al. 2015;
7 ‘I believe that my bank refrain from putting aside their contractual obligations.’
8 ‘I believe that my bank refrain from bending the law even this helps improve performance.’
9 I believe that my bank always follow rules and regulations.
10 ‘I believe that my bank always submit to the principles defined by the regulatory system.’
Ethical CSR 11 ‘I believe that my bank permit ethical concerns to negatively affect economic performance.’ Luo and Bhattachary (2006); Pino et al. 2016; Kim et al. 2015; Ko et al., 2019; Staniškienė et al., 2018
12 ‘I believe that my bank ensure that the respect of ethical principles has priority over economic performance.’
13 ‘I believe that my bank is committed to well-defined ethical principles.’
14 I believe that my banks follow ethical policies for employees.
15 ‘I believe that my bank avoid compromising ethical standards to achieve corporate goals.’
Philanthropic CSR 16 ‘I believe that my bank help solve social problems.’ Luo and Bhattachary (2006); Pino et al. 2016; Kim et al. 2015; El Akremi et al., 2018
17 ‘I believe that my bank participate in the management of public affairs.’
18 ‘I believe that my bank allocate some of their resource to philanthropic activities.’
19 I believe that my bank involve employees in philanthropic activities.
20 ‘I believe that my bank plays a role in our society that goes beyond the mere generation of profits.’
Employee’s Satisfaction 21 ‘I am satisfied with my bank’s high integrity.’ Suhaimi, 2019 Michailides and Lipsett, 2013;
Ko et al., 2019;
Staniškienė et al., 2018
22 I believe my banks treats me fairly
23 I believe my banks is always honest and truthful to me
24 I fully trust my employer.
25 I believe that my bank have good work culture
26 I believe that my bank offers me fair salary
Employee’s Retention 27 I have strong sense of belonging to my bank Latif and Sajjad, 2018;
Lee et al., 2012;
Pino et al. 2016; Ko et al., 2019;
El Akremi et al., 2018
28 I emotionally attached to my bank
29 I feel proud to work with my bank
30 I believe to work at my bank until I retirement
31 I believe that my bank retain me for long years
32 I feel committed to my bank.
Source: Researcher Compilation.
Table 2. Age of Participants.
Table 2. Age of Participants.
Age Convenience Random Sampling Total
Men Women
21-26 31 20 51
27-31 33 38 71
32-36 16 13 29
37-41 15 11 26
42-46 13 10 23
47-51 10 11 21
118 103 221
Source: Researchers Compilation.
Table 3. Additional Demographics Data of Banks Employees.
Table 3. Additional Demographics Data of Banks Employees.
Items Frequency %

Gender		 Men 118 53.4
Women 103 46.6
Total 221 100.0
Experience 1-3 years 44 19.9
3-6 years 45 20.4
6-9 years 46 20.8
9-12years 29 13.1
12-15 years 33 14.9
>15 years 24 10.9
Total 221 100.0
Public and Private Banks HDFC Bank 64 29
ICICI Bank 34 15.4
SBI 28 12.6
AXIS Bank 47 21.3
Canara Bank 27 12.2
PNB Bank 21 9.5
Total 221 100.0
Designation Executives & Assistant Executives 40 18
Cashiers 32 14.5
Upper Division Clerk 36 16.3
Clerks 113 51.2
Total 221 100
Source: Researchers Compilation.
Table 4. Normality and Reliability.
Table 4. Normality and Reliability.
Dimension of CSR Cronbachs Alpha Mean (X) S. Dev
Economic CSR (5items) 0.785 3.49 0.62
Legal CSR (5 items) 0.811 3.63 0.66
Ethical CSR (5 items) 0.734 3.65 0.65
Philanthropic CSR (5 items) 0.853 3.07 0.63
Employee’s Satisfaction (6 items) 0.748 3.49 0.58
Employee’s Retention (6 items) 0.915 3.55 0.73
Table 5. KMO and Bartlett’s Test.
Table 5. KMO and Bartlett’s Test.
Kaiser-Meyer-Olkin Adequacy Sampling Test .834
Bartlett's Test of sphericity Approx. Chi-Square 2365.03
df 656
Sig. .000
Table 6. Correlations.
Table 6. Correlations.
Variables EcoCSR LegCSR EthCSR PhiCSR EMPSatis EMPReten
EcoCSR 1
LegCSR 0.646** 1
EthCSR 0.637** 0.673** 1
PhiCSR 0.621** 0.430** 0.428** 1
EMPSatis 0.613** 0.549** 0.753** 0.554** 1
EMPReten 0.587** 0.660** 0.638** 0.592** 0.664** 1
**. Correlation is significant at the 0.01 level (2-tailed).
Table 7. CSR impact on Employee’s Satisfaction.
Table 7. CSR impact on Employee’s Satisfaction.
Model 1- Summary
(R) R2 Adjusted R2 Standard Error of Esitmate F Sig.
0.791a 0.644 0.617 0.36869 42.406 0.000a
a. Predictor: (Constant): Phil, Leg, Eth, Eco.
Table 8. Influence of CSR on Employee’s Satisfaction.
Table 8. Influence of CSR on Employee’s Satisfaction.
Variables (Model-1) Standardized Coefficients (Beta) (t) (Sig.)
(Constant) 0.477 1.930 .055
Economic 0.083 0.828 .410
Legal -0.006 -0.080 .936
Ethical 0.596 6.675 .000
Philanthropic 0.245 3.047 .004
a. Dependent Variable: SATIS.
Table 9. CSR Impact on Employee’s Retention.
Table 9. CSR Impact on Employee’s Retention.
Model 2- Summary
(R) R2 Adjusted R2 Standard Error of Estimate F Sig.
0.770a 0.593 0.577 0.47359 34.931 0.000a
a. Predictors: (Constant): Phil, Leg, Eth, Eco.
Table 10. Influence of CSR on Employee’s Retention.
Table 10. Influence of CSR on Employee’s Retention.
Variables (Model-2) Standardized Coefficients (Beta) (t) (Sig.)
(Constant) -0.098 -0.309 0.756
Economic -0.056 -0.521 0.603
Legal 0.357 3.787 0.000
Ethical 0.287 3.037 0.004
Philanthropic 0.352 4.124 0.000
a. Dependent Variable: RETEN.
Table 11. Employee’s Satisfaction impact on Employee’s Retention.
Table 11. Employee’s Satisfaction impact on Employee’s Retention.
Model-3 Summary
(R) R2 Adjusted R2 Standard Error of Estimate F Sig.
0.664a 0.448 0.432 0.0.54815 76.960 0.000a
a. Predictors: (Constant), SATIS.
Table 12. Influence of Employee’s Satisfaction on Employee’s Retention.
Table 12. Influence of Employee’s Satisfaction on Employee’s Retention.
Variables (Model) Standardized Coefficients (Beta) (t) (Sig.)
(Constant) 0.734 2.256 0.026
SATIS 0.664 8.772 0.000
Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
Copyright: This open access article is published under a Creative Commons CC BY 4.0 license, which permit the free download, distribution, and reuse, provided that the author and preprint are cited in any reuse.
Prerpints.org logo

Preprints.org is a free preprint server supported by MDPI in Basel, Switzerland.

facebook logotwitter logolinkedin logo
MDPI Initiatives
Important Links
Subscribe

Disclaimer

Terms of Use

Privacy Policy

© 2024 MDPI (Basel, Switzerland) unless otherwise stated