Talent Managers: What is more important - recruitment or retention?

Talent management as we know is the number one problem for HR globally. So why is it that it is still such an undefined phrase? In talking to many companies, it is very evident that there is a vast difference in what Talent Leaders (HR Managers, HR Directors and alike) see as talent management and the subsequant actions they take in dealing with it.

I am not going to go on an in depth analysis of the theories of talent management, the rights and wrongs, best practice or the systems used etc. What I want to do is to ask all you Talent Managers out there a question that I am finding more difficult to get an answer from companies on. So here goes (and I do expect some honest answers, please!)

On a scale of 1 - 10, with Recruitment Stategy at No 1 and Retention Strategy at the No 10, where is your company positioned along the scale, in terms of balance? Are you at a low number meaning you are more focused on recruitment, a high number meaning you are focused more on retention, or do you think you have it about right somewhere in the middle?