My son and I sail mostly in warm waters and once a year we do MOB drills. This allows for building up his confidence in that (1) I will always come back and get him, (2) he needs to be calm and not panic, and (3) we both rehearse an MOB maneuver so it comes second nature when needed. The following few steps are basic in your practice but will vary depending on your boat:
• Keep the person in site all the time
• Throw a floating device to help the person float and mark their position
• Slow the vessel down and bring it to a stopping position while retrieving the MOB
• If on power, shut the engine off and bring the person into the boat
• Treating the person after recovery if needed
We had two occasions where friend's children fell on the water and while neither one was an emergency because they were in shallow and warm waters each with a life jacket, my son jumped in the water to help with the above procedures. If this was to happen under more critical conditions, I would not recommend jumping in the water becase now you have two people to retrieve rather than one. As Captain of your vessel, you get to make all the calls and instruct others how to help.
The bottom line is that if you practice under controlled conditions, your confidence level and that of your crew will increase and it may just come in handy when needed.