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Remember - when you're dealing with a company you're not dealing with a person. Be extremely cautious about making waves; the people with the gold make the rules. And the people who make the rules don't like to be challenged.
Of course, something very unethical (such as Enron cooking the books) or your boss not allowing you to go to the bathroom should be challenged. Anything illegal definitely should be challenged, and the gray areas begin when the law may not particularly cover an issue or when different people can honestly disagree about the fairness of an issue.
If you must disagree with a company policy, use tact and be polite to your boss (and use the chain of command). Don't expect anyone to listen and it will probably be routed to HR where your complaint will be lost in the void. If something really outrageous is happening it might help to seek the support of coworkers and present your case in a very logical manner. Businesses want to make money and a policy that impededs profits will be paid attention to.
Unfortunately, the question "should you voice concerns or not" is a loaded question and a lock, stock, and barrel answer really isn't possible. Your first obligation as an employee is to yourself and to make sure you keep your paychecks coming in. Your best judgement is necessary when you think about challenging a company policy. Don't expect management to be happy with you if you do, and don't believe them when they tell you they want to hear about it.
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