Heat the olive oil in a large pot over medium heat. Add the beef and cook until browned on all sides.
Add the onion and garlic to the pot. Stir and cook for two minutes until the onion softens.
Stir in the carrots and parsnips. Cook for three minutes to start softening the vegetables.
Add the barley, beef broth, and dried thyme. Stir everything together.
Bring the soup to a boil, then reduce the heat to low. Cover and simmer for 45 minutes, stirring once or twice.
Taste and add salt and black pepper as needed before serving.