Begin by heating the oil in a large skillet over medium-high heat. Sear the beef chunks until browned on all sides, about 5 minutes, then transfer to the slow cooker.
Next, add chopped onions, sliced carrots, and sliced parsnips to the skillet, cooking for about 3-4 minutes until the vegetables begin to soften and release a fragrant aroma.
Stir in the minced garlic, smoked paprika, and tomato paste, cooking for another minute until fragrant and the tomato paste darkens slightly.
Pour in the balsamic vinegar, scraping up any browned bits from the skillet to incorporate rich flavor, then turn off the heat.
Transfer the sautéed vegetables along with the vinegar and flavorful bits into the slow cooker, spreading them evenly over the beef.
Pour the beef broth over the ingredients, then season with salt and black pepper to taste.
Cover the slow cooker with the lid and cook on low for 8 hours, or until the beef is tender and the flavors are melded beautifully.
Once cooked, remove the lid and check the seasoning, adjusting salt and pepper as needed.
Stir the stew gently to combine, then serve hot, enjoying the hearty chunks of meat and colorful vegetables in a flavorful, smoky gravy.