I can't speak to how common the practice is but it's often an option on firewalls. My understanding of the reasoning behind it is that it allows the company to

I can't speak to how common the practice is but it's often an option on firewalls. My understanding of the reasoning behind it is that it allows the company to monitor employees usage of the network to protect from data exfiltration and malware that uses HTTPS. It's usually done as part of a firewall that will MITM traffic on the network.