Values provide the upfront motivation before an event, and the after-the-fact evaluation of the event. They are the things that have us do what we do. From the moment we wake up until we go to sleep, all we are doing is fulfilling our values.
Bandler said that our values are the things that we don't quite live up to.
In NLP, values are understood to operate within a specific context — the values you hold around work may be quite different to the values you hold around relationships or health. Understanding a person's values hierarchy in a given context is one of the most powerful ways to understand what drives their behaviour and what would motivate them to change.
See also: What is a values hierarchy? | What is NLP?