trevinstrood ji
My first reaction -- Is the party being held in the office during business hours? If that is the case, then it would be very difficult even awkward for anyone to back out of it, a Sikh or anyone else, who had religious scruples about celebrating a Christian holiday.
So the venue makes a difference.
But having said that --- Most Sikhs that I know like to enjoy the holidays of their associates as long as there are only minimal religious overtones. Most recent example is Halloween -- which is a pagan holiday (but we all know it is really about wearing a scary costume and collecting as much candy as possible to eat

) Many Sikhs will even join in non-denominational prayers at meetings and college graduations as long as they only involve a few minutes of reflection on the gifts of the Almighty.
I would plan to invite/include your Sikh associates and leave it to them to decline to participate. Make it clear to them that they are free to back out if they are uncomfortable. And free to sing or not sing carols. Let it be their choice.
(From my own life -- we have orthodox Jews at work who attend Christmas parties after hours, and Sikhs who have reflected on the prayers of Muslim imams at university events. Everything depends on whether someone feels forced to do something or cannot make a choice. Definitely invite them and let them choose.)