From a psychology point this is dead on. NEVER ASK FOR A RAISE.
Instead (know your worth) and show your superior(s) that you are under compensated.
When you ask for a raise you're put in a place to justify it and the burden immediately falls on you. If you show that you're under compensated, your superior(s) will have the burden to show you why you're wrong, thus they will have to justify your salary. Granted they may pull the typical "there's no money in the budget" bull crap. But then at least you've gotten past step one... letting them know you expect more. If you choose to stick it out, only follow the dangling carrot of promises for a year tops. If you are important (or rather if they value you), they'll find the compensation.
Note: show you're under compensated, not under paid. People tend to get hung up on the money. In fact your superior(s) will probably assume you are talking $$$. If they get defensive you can redirect them pointing out more vacation or other perks would do. You have a better shot of getting them.
