Why do companies waste serious cash in office parties? I'm talking about those hundred-thousand-dollar extravaganzas that major tech companies seem to be addicted to.

Poll after poll finds that most employees would rather have the cash, so "kissing the collective asses of tech staff so that they won't leave" is not an explanation that holds up.

The "Roman Triumph" explanation also does not make any sense. If rich assholes want to flex their immeasurable riches, why would they invite mere mortals that do not put a lot of effort in being famous or pretty? Couldn't they invite the entire Victoria's Secret catalogue of models and the NE Patriots? Surely it would make for much more impressive photos of decadence.

The "Michael Scott" explanation also falls short. Companies spend serious cash on consultants and professional party planners, that are sure to know a lot of people. Money can and often does buy personality, so no rich asshole is ever a party dud.

Why else do they force most of their own staff into what they perceive as a "do not relax or you may get fired" loud and poorly lit meeting that takes hours to dress up for? What am I missing?