Coloque todos os funcionários sob o comando do CTE

;WITH EmployeeTable AS 
(
SELECT 1 EmpId,0 ManagerId ,   5 Level ,'CEO' Value
UNION ALL SELECT 2,1,   4,'EMP'
UNION ALL SELECT 3,1,   4,'ORG'
UNION ALL SELECT 4,2,   3,NULL
UNION ALL SELECT 5,2,   3,NULL
UNION ALL SELECT 6,2,   2,NULL
UNION ALL SELECT 7,1,   1,NULL
UNION ALL SELECT 8,5,   0,NULL
),LevelHire AS
(
        SELECT EmpId, ManagerId,Level,Value
        FROM EmployeeTable
        WHERE EmpId = 2
        UNION ALL
        SELECT RC.EmpId,  RC.ManagerId, Lh.Level,LH.Value
        FROM LevelHire LH
        INNER JOIN [EmployeeTable] RC
        ON LH.EmpId= RC.ManagerId
)
SELECT  E.EmpId, E.ManagerId,E.Level,ISNULL(E.Value ,LH.Value) Value
FROM EmployeeTable E
    LEFT JOIN LevelHire LH
    ON E.EmpId = LH.EmpId