Examples of values as defined by Wood et al in your text are ' equal rights for all' and 'people should be treated with respect and dignity'

In the assignment case, you have to deduce what are the values of the employees. Values are important as they influence attitudes and behavior. Even though values are not directly asked for in the assignment question 1, it is expected that you have to write about values before you can talk about attitudes and behavior. You cannot just write about attitudes and behavior without talking about values first.

What do you think are the values of the employees in the assignment?
The employees are likely to be under psychlogical contract(Wood et al. 2006, pg11) that they have given effort, skills, knowledge, time, creativity and loyalty to the company. They expect the company to give in return job security, benefits and some trust in them.
In other words the values of the employees are that they expect to be treated with respect, dignity and some loyalty for their effort, skills ,knowledge contribution and loyalty with the company for these years. Their values is such that they do not expect to be treated with forced retrenchment.
For more information on values, please read up wood et al. 2006, pp.52 - 54. The definition of values, sources and types of values, patterns and trends in values are all covered in those pages.