If the individual raised the grievance whilst they were still employed then you should investigate their concerns particularly as it may be the basis for an Employment Tribunal claim.
If they raised the grievance after they have left your employment you will need to consider the risk that they may bring a claim arising out of the issues in the grievance and if that claim can be brought in time.
If the grievance raises serious issues about bullying and harassment by management or a group of employees, for example, it could be necessary to investigate those concerns particularly if there is a potential for impact on the individuals who remain. If the grievance concerns allegations relevant to safeguarding then you should always investigate.
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