Click the field and the label will scale down and move up. Looks fancy and more importantly the fields expected value is still crystal clear to the user.
Resources:
- https://github.com/jverdi/JVFloatLabeledTextField
- http://littlebigdetails.com/post/82478225432/circleci-once-activated-the-input-placeholders
A Pen by Rik Schennink on CodePen.