We have two events, one is the office potluck which is held at the office the week before Christmas and is for all staff, and our business partners, service providers etc. Drinks, including wine and beer, are provided. Some years we did a white elephant gift exchange but a few years ago we just asked anyone who wanted to bring a gift, to bring something for a toy charity. Since it is a potluck there is no charge for anything.
The second event is held very early in January, and for the past 10 years, the owners take every employee, and our entire family, away for a 2 night stay at a ski resort. We have our hotel, open bar on Friday night, full course buffet dinner (for a few years we had a 5 course, served meal but people seem to prefer the buffet) with full open bar before, during and after. They used to provide a separate entertainment room with a "kid friendly" buffet for the children, complete with baby sitters, but when they switched to the buffet meal for the adults they made the change to include all the children for dinner as well.
It is absolutely, 100% free (except for the travel cost to get there since it is typically about 2 hours away). The hotel/resorts we stay in are gorgeous and everyone usually has a fantastic time. We don't always go, and a couple of times I went by myself because we had stuff going on at home so my husband stayed home with the children/pets.
Last year was the last time we assumed our daughter would be able or want to come with us. She's 18, in university, and has a part time job. We had a beautiful 1 bdrm condo style unit with full kitchen so we told each of our children they could each bring a friend. The girls and I used the pool/sauna, shopped and relaxed, the boys and DH went skiing during the day. I brought lots of food so the kids chose to just relax and eat in the condo while DH and I went to the dinner and after party. On the way home the next day we stopped and went snow tubing for a few hours. It was a great mini vacation and fun for the teenagers as well.
This year our son has hockey on the Friday night and frankly it is more important to me to see him play, so we will only be going for one night and drive up Saturday morning. Originally I declined the invite entirely and within 10 mins of getting the email response one of the owners was in my office saying "what the heck" and the other had responded to my email with "wrong answer, try again!" DH was pretty disappointed that I had declined so I caved and agreed to go for the Saturday activities instead.
DS is starting his first job soon and depending on his work schedule he may come with us, and if so, he will be allowed to bring a friend again. If he doesn't want to come he can stay home with his sister.
Now, if that isn't generous enough, we also have a "summer event" party, again, at a resort a couple of hours away. That is a one day/night event which again is open bar and a lovely meal. That one is more "optional" and while they don't pay for the entire cost of the hotel, they do subsidize it. They are very, very generous to the employees!