If I am a business and I hire an employee, I pay that employee a salary, I probably pay that much again in benefits, and I expect that employee to generate enough business to justify that expenditure with plenty to spare.

Therefore even if salary for lost time doesn't cover the difference of having an employee on a private plane, it still can be a good business to put them there.

(But I'll agree with you that usually it is a status symbol and isn't worthwhile.)

Cheers,
Ben