We typically 'Delete' the user, and if no-one has an immediate need for their mail move it off the server.
Most cases I've had where an employee returns, there hasn't been a need to restore their mail, however I have had a couple cases. In those cases I restored their mail file, then, when setting up the user (as a new user, with a new certificate), set the user up to use the mail file with the same name. I made sure that the ACL was correct for the new user, and all was well.
Assuming of course that the user did not encrypt their mail file. If they had encrypted their mail, the new user id would not be able to read it. In that case they'd either have to start with a brand new mail file, or there would have to be a way to re-create their original Person Document & User.ID. I actually save copies of the Address Book periodically for that very reason. I've also had Person documents get accidentally deleted, so the backup copies are a life saver!