There are a lot of deep, underlying connotations in this scene that are caused by the setting and placement of the camera.
This scene is a very seductive. The whole point of it is for Phyllis to seduce Walter, in order to get him to do whatever he wants. This is the very first impression he makes on him; a beautiful (debatable), blonde woman who is wearing nothing but a towel, who just so happens to be home alone.
In order to make this scene feel seductive, of course there's the obvious main focus of the camera shot of a scantily-clad Phyllis, but the background and basic information of the scene make the mood. They could have had her face to face with Walter, letting him see her on the same level, but instead, they put her in a physically higher spot than he is. The meaning behind her placement is to show that she has him under her spell; she has power over on him, just like a king would have power over, while usually being in a physically higher place than a servant.
Also, the clear view of the bedroom add into this seductive effect. I think that along with her body being used to entice Walter, she's also giving him a goal to reach for. Right now, they aren't anywhere near the same level of power or influence. She want him to work under him by setting this image of her body being the ultimate goal.