You can use triggers as a workaround and achieve similar results.
ALTER TABLE `employee`
ADD `employee_name_generator` CHAR(20);
delimiter //
create trigger trig_create_employee_name_generator before insert on `employee`
for each row
begin
set NEW.`employee_name_generator` = COALESCE(concat(NEW.`employee_name`), '^');
end
//
If you will also be updating the employee_name field after the insert, you'll also need a trigger on update:
delimiter //
create trigger trig_update_employee_name_generator before update on `employee`
for each row
begin
set NEW.`employee_name_generator` = COALESCE(concat(NEW.`employee_name`), '^');
end
//
Keep in mind that in MySQL 5.6, per table you get only one trigger for before insert and one for update, so if you need more than one generated column, you would chain the set statements into the same trigger between "begin" and "end".