Add olive oil to a large skillet and heat over medium heat.
Season beef with salt and pepper. Add beef to the skillet and cook until browned, for about 2-3 minutes on each side.
Place browned beef, potatoes, carrots, diced onion, and half of the minced garlic into a 6-qt or 7-qt slow cooker.
In a large dish, combine beef broth, tomato paste, and Worcestershire sauce, whisk to combine, and add the mixture to the slow cooker.
Stir in dried thyme, dried rosemary, chili powder, onion powder, garlic powder, and bay leaves. Season with salt and pepper.
Cover and cook on low heat for 7-8 hours or high heat for 3-4 hours.
Pressure Cooker option: If using an InstantPot Pressure Cooker select the Stew function and increase the time to 50 minutes.
Once the stew is done, stir in gently the remaining minced garlic, it will add a nice punch of flavor.
In a small bowl, whisk together flour with ½ cup of stew broth until fully combined and with no lumps. Stir in flour mixture into the slow cooker. Cover and cook on high heat for an additional 30 minutes, or until thickened.
Garnish with parsley and serve!