I understand that in a research lab or in academia, this is common practice. But in the more menial coding industry that most of us are probably in, how do you find time for this? Do people read papers in their spare time and discuss over lunch, or are there enlightened managers who support this during working hours?

I'm not sure what you mean by menial coding but all my employers have supported this in the past. This was a variety of companies, big tech, startups, etc. I think its more likely your employer is the outlier.