In my opinion there are at least two good ways to mark, that someone has left company.
1. Create another company record and include in name that this is placeholder for old employees
+ When you open company you see only present and valid contacts
+ In every suggest box to select contact, where company name is included you see that this person is no longer employee
Joe Doe [OLD The Best Company LLC]
- There is more companies
2. Prepend First name with some tag like [R] - retired, [U] - unemployed or whatever
+ Probably in every place (even in suggest box to select contact) you should see that this contact is no longer employee of specific company.
[U] Joe Doe [The Best Company LLC]
- You mix contacts who have left with those who are still in company
Adding custom field may be a good solution, but in most of user activities they don't open contact, just choose them. They don't see there your custom field.
Best regards,
Adam