Coming from the perspective of a boss, it would be nice to receive something and feel appreciated - I remember the first year I worked where I am I started not long before Christmas. The staff had all had their Christmas do and exchanged gifts (secret santa type thing) prior to my starting, they all chipped in and bought me a gift which made me feel welcome.

I haven't worked anywhere where we all buy just the boss a gift though, everywhere I've worked we've done a secret santa style thing and everyone has received a gift.