Solution 1:

Inspired by this thread, where the new USB handling system introduced in El Capitan was discussed, I've attempted a very simple settings change in my VM configuration that managed to resolve the problem for me:

VMWare USB settings change

Since my device was connected through a USB2 port anyway, all it took was to tell the VM to treat the port as such.

I'm aware that this solution is not perfect, as it might hurt the transfer rates of USB3 communications, but what it lacks in performance it makes up in simplicity :)

Note: You will need to shutdown your VM, change the USB compatibility setting and restart for the change to take effect. Disconnect the iPhone/iPad from the host while doing this, just in case