Pat the beef cubes dry with paper towels. Season with salt and black pepper, then lightly toss with the flour until coated.
Heat the olive oil in a large Dutch oven over medium-high heat. Add the beef in batches and brown on all sides. Transfer the browned beef to a plate.
Add the chopped onion to the same pot and cook for about 3–4 minutes, until softened. Add the minced garlic and tomato paste and cook for another minute.
Return the browned beef to the pot. Pour in the beef broth and Worcestershire sauce, scraping the bottom of the pot with a wooden spoon to release the browned bits.
Add the carrots, potatoes, dried thyme, and bay leaves. Stir everything together and bring the liquid to a gentle simmer.
Reduce the heat to low, cover the pot, and simmer for about 1½ to 2 hours, or until the beef is fork-tender and the vegetables are cooked through.
Remove the bay leaves. Taste and adjust the salt and black pepper as needed.
Garnish with fresh parsley and let the stew rest for a few minutes before serving. Serve warm with crusty bread, biscuits, or a simple green salad.