In a large pot or Dutch oven, brown the beef in olive oil. Season with salt and pepper.
Add beef broth, carrots, celery, parsnips, potatoes, onion, barley, tomato paste, Worcestershire sauce, soy sauce, thyme, and bay leaf. Bring to a boil, then reduce heat and simmer for 45-60 minutes, or until the beef and vegetables are tender.
If desired, thicken the soup by mixing cornstarch with cold water and stirring into the soup during the last 10 minutes of cooking.