Option to show placeholders rather than labels?

I was able to get some help from the friendly folks over at WPMU DEV.

I added this code to my child theme’s functions.php file:

add_action('wp_footer', 'my_sidelogin_placeholders');
function my_sidelogin_placeholders() {
	?>
	<script type="text/javascript">
	jQuery(function() {
		jQuery("#wp_sidebarlogin-2 #user_login").attr('placeholder','Username / email');
		jQuery("#wp_sidebarlogin-2 #user_pass").attr('placeholder','Password');
	});
	</script>
	<?php
}

Seems to be working fine, and condenses the size of the widget when someone is logged out.