What does the framed picture of the woman in the furs represent, and how does it lend to the story's allegory?

The fact that Gregor clipped the picture of the woman in furs out of a "glossy magazine" really shows us just how alienated from humanity his job as a salesman has made him.  He recognizes the fact that his "grueling job" means that he has to endure the "torture of traveling, worrying about changing trains, eating miserable food at all hours, constantly seeing new faces, no relationships that last or get more intimate."  Gregor's job...

The fact that Gregor clipped the picture of the woman in furs out of a "glossy magazine" really shows us just how alienated from humanity his job as a salesman has made him.  He recognizes the fact that his "grueling job" means that he has to endure the "torture of traveling, worrying about changing trains, eating miserable food at all hours, constantly seeing new faces, no relationships that last or get more intimate."  Gregor's job has turned him into someone who has little else in his life except work; he does not even have time for relationships.  The picture of the beautiful woman from the magazine highlights the relationships that he doesn't have; her furs seem to represent even his lack of money despite the fact that he is always working.  She is everything he wants and cannot have because of his job.

This picture, then, lends to the story in that it is a particularly sad symbol of everything of which the worker in a capitalist economy is deprived.  The worker, no matter how hard he works or how much he sacrifices, can never get ahead.  All Gregor does is work, day in and day out, and so when he changes into a bug, his change is really only a physical manifestation of his already-existing mental and social state.  His entire identity is staked on his status as a worker.  If he loses that status, he has nothing left.  The woman in furs shows this.  The fact that Gregor doesn't have a real-life woman to put into his frame highlights his alienation and isolation, the result of his job, and her obvious wealth emphasizes his lack of it, despite the fact that his entire life is consumed by his work.