combine 2 updates into 1, Sql Server

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create table table_work (
 employee_id int,
 value_check varchar(1)
);
insert into table_work 
(employee_id, value_check) values
(101, 'Y'),
(102, 'Y'),
(103, 'Y'),
(104, 'Y');

create table employees_contact (
 employee_id int,
 employee_manager_id int,
 eff_dt date,
 end_dt date
);
insert into employees_contact 
(employee_id, employee_manager_id, eff_dt, end_dt) values
(101, 201, GetDate()-1, GetDate()+1),
(102, 201, GetDate()-1, GetDate()+1),
(103, 202, GetDate()-1, GetDate()+1),
(104, 201, GetDate()-2, GetDate()-1);

create table mgr_work_location (
 mgr_id int,
 work_location_state varchar(2)
);
insert into mgr_work_location (mgr_id, work_location_state) values
(201, 'XY'),
(202, 'NY');

--
-- old update query 1
--
Update work set work.value_check = 'N' From table_work work Where work.value_check = 'Y' And not exists (select employee_manager_id from employees_contact contact Where contact.employee_id = work.employee_id And getdate() between contact.eff_dt and contact.end_dt);

--
-- old update query 2
--
Update work set work.value_check = 'N' From table_work work Join employees_contact contact On contact.employee_id= work.employee_id Join mgr_work_location mgr On mgr.mgr_id = contact.employee_manager_id Where work.value_check = 'Y' And getdate() between contact.eff_dt and contact.end_dt And mgr.work_location_state not in ('NJ','NY','ME');

--
-- What did the original queries update?
-- 
select * from table_work order by employee_id;

--
-- reset all value_check to 'Y'
--
update table_work set value_check = 'Y';

--
-- combined update query
-- 
UPDATE work 
SET work.value_check = 'N' 
FROM table_work work 
LEFT JOIN employees_contact contact 
  ON contact.employee_id = work.employee_id
 AND contact.eff_dt <= getdate()
 AND contact.end_dt >= getdate()
LEFT JOIN mgr_work_location mgr 
  ON mgr.mgr_id = contact.employee_manager_id 
WHERE work.value_check = 'Y' 
  AND (contact.employee_id IS NULL 
       OR mgr.work_location_state NOT IN ('NJ','NY','ME'));

--
-- result
-- 
SELECT work.*, contact.employee_manager_id, 
cast(case when getdate() between contact.eff_dt and contact.end_dt then 1 else 0 end as bit) as active,
mgr.work_location_state
FROM table_work work 
LEFT JOIN employees_contact contact 
  ON contact.employee_id = work.employee_id
LEFT JOIN mgr_work_location mgr 
  ON mgr.mgr_id = contact.employee_manager_id
ORDER BY work.employee_id;

View schema
Execution time: 0,14 sec, rows selected: 8, rows affected: 20, absolute service time: 0,59 sec, absolute service time: 0,61 sec