Brown the Beef: Toss beef cubes with flour, salt, and pepper. Heat 2 tbsp olive oil in the Dutch oven over medium-high heat and brown the beef in batches until all sides are golden. Remove and set aside.
Sauté the Aromatics: Lower heat, add remaining oil, and sauté diced onion and garlic until softened.
Add Tomato Paste: Stir in tomato paste and cook for 2 minutes to deepen the flavor.
Deglaze & Simmer: Pour in beef broth and Worcestershire sauce, scraping the bottom to release brown bits. Add beef back to the pot. Bring to a simmer.
Add Veggies & Herbs: Stir in carrots, parsnips, potatoes, bay leaves, and thyme. Cover and place in a 325°F oven for 2 hours.
Finish & Serve: Remove from oven, discard bay leaves, season to taste with salt and pepper. Serve warm with crusty bread.
Notes
For extra flavor, sear beef in batches so it browns instead of steams. You can substitute beef stock for broth if you want a richer base.