i have a small requirement where in, i have a column "Employee Name" as a people picker field, now i just want to retrieve the employee name value in a variable after the user has entered his name in it.
You can extract Display Name from people picker element by following statement.
var employeeName = SPClientPeoplePicker.SPClientPeoplePickerDict["EmployeeName_TopSpan"].GetAllUserInfo().DisplayText
Please note: "EmployeeName" here in "EmployeeName_TopSpan" is the people picker div element id
assuming that people picker will have only entry therefore we have taken zeroth index result from