Season beef with salt and pepper; toss with flour to coat evenly.
Heat oil in a large Dutch oven over medium-high; brown beef in batches, about 3-4 minutes per side. Set aside.
Sauté onions and garlic 3 minutes until softened; stir in tomato paste and cook 1 minute.
Return beef; add broth, bay leaves, and thyme. Bring to a boil.
Reduce heat to low; cover and simmer 1.5 hours until beef is tender.
Add turnips, parsnips, and carrots; simmer uncovered 30-40 minutes until vegetables are tender.
Discard bay leaves; adjust seasoning and serve hot.