Pat beef dry with paper towels; season generously with salt and pepper. Heat 2 tablespoons oil in a large Dutch oven over medium-high.
Brown beef all over in batches, about 8-10 minutes total; remove and set aside.
Add remaining tablespoon oil; sauté onion about 5 minutes until softened. Add garlic and tomato paste; cook 1 minute until fragrant.
Sprinkle with flour; stir to coat. Gradually add broth and water, scraping browned bits from bottom.
Return beef with bay leaves and thyme; boil, reduce heat to low, cover, and simmer 1 hour.
Add carrots, parsnips, turnips, and potatoes; cover and simmer another 45-60 minutes until vegetables and beef are tender.
Remove bay leaves; add salt and pepper if needed. Garnish with parsley; serve.