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Set field just modifies data in a field. How then do you use this data once set field has modified the field?
Is this a match field in a relationship or are you specifying criteria for a find?
Which method you are using then determines what to do with Set Field.
If this is a match field:
Set Field[tblHours::Status; List ( "Approved" ; "On Hold" ) ]
If you are performing a Find:
Enter Find Mode 
Set Field[tblHours::Status; "Approved"]
Set Field[tblHours::Status; "On Hold"]
Perform Find 
My apologies for not specifying it was in Find mode. Your answer worked like a charm! Thank you!