Colleges and universities do this already with their hiring practices.
What happened when I was working in that environment was, our department needed a new administrator, and my boss who was part of that process was talking about how we'd had a good candidate, but they had to keep the position open since not enough women and minorities were applying. And it was kept open for months, and they didn't get enough interest from minorities and women in that position, and so they eventually went with the candidate from before, who turned out to be a great fit. With a greater backlog from that time we had to wait. Sitting on this for months benefited no one, and it wouldn't have happened if he hadn't been a white male.
This of course is for those that get the jobs. Sometimes, white males don't get the jobs solely because they didn't tick that diversity checkbox. Now, they might not end up on the street, but they will often be embittered against this kind of hiring policy. The most angry and vocal opponents of affirmative action that I have come across have been such people.