Experience no doubt is a major factor in selecting an employee. Does it guarantee success to the employer ?

As it has been mentioned in the answers; Experience is one factor among many requirements;It is a positive one but candidate has to be qualified in other requirements.

No. It does  not GUARANTEE. But it is a good indicator.

Not at all. There are many factors involved; some may be more detrimental than lack of experience. Even a person with experience may have a poor work ethic. Some may not function well in a team environment. Some may be so experienced they are set in their ways and are not innovative or cannot accept change easily. Some experienced employees may only want to do things their way and not the way the company wants things done. Some may not have a professional demeanor. Just as a job is multi-faceted so are the employees that fill them. If an employer wants success in hiring they need to very clearly communicate all a job entails during the interview. This includes not only the job functions but also working environment, corporate culture and standards, future company goals etc. Then the employer needs to determine if an applicant has the right balance of experience coupled with these other facets. Only then will the employer have a better chance at hiring a successful employee. In regards to a guarantee of success... there are no guarantees in life BUT you can narrow down the odds. 

No, of course not.  Nothing is that easy, especially hiring.  Experience is just one factor among many.