That's certainly true, although such an act would essentially constitute willful deceit at a company policy level, which is much worse than what I was hinting at. The hypothetical situation I was hinting at was something like an unruly employee being able to circumvent the company's process due to lax enforcement, even if the company's process itself was reasonable.
Thats always the case. Encrypted password or not. There's nothing stopping them from getting your password the next time you log in.