I got this working.
<form>
<label for="inputField01">Employee #01:</label>
<input type="text" id="inputField01" value="John Doe">
</form>
jQuery(document).ready(function($) {
$('#inputField01').on('input', function() {
$('label[for="inputField01"]').text('Employee #01: ' + $(this).val());
});
$('label[for="inputField01"]').text('Employee #01: ' + $('#inputField01').val());
});
Hope this helps.