Heat the olive oil in a large pot over medium heat. Add the beef and cook until it browns on all sides.
Add the onion, carrots, and parsnips to the pot. Stir and cook for a few minutes until the onion softens.
Stir in the potatoes, barley, beef broth, bay leaves, and thyme.
Bring the mixture to a boil, then lower the heat and let it simmer uncovered for about 45 minutes. Stir occasionally until the barley is tender and the beef is cooked through.
Taste and add salt and pepper as needed. Remove the bay leaves before serving.