How should I approach my boss about my increased workload?

I've been working for the same boss for five years. I have four colleagues with the same job title (and more seniority) who also report to him. During this time, my workload has increased threefold while my colleagues' has decreased. This unbalanced work load has been caused both by a reorganization of the business units and my strong performance. My business unit is now the largest and most demanding by far. Because of my boss's concern for maintaining parity in titles and compensation, he expects me to take on this additional workload without any corresponding increase in salary or progression in title. When I suggested that we bring on a junior worker to assist me, he said there is no money in the budget and that a junior person couldn't handle the work. I'm trying to figure out the best way to raise my concern and plant the seed for a raise or promotion while still seeming professional and like a good team player. Any suggestions for how to approach my boss?

It sounds like it's time for a pay increase. If they don't give it to you, they're taking advantage of the situation.

Have you tried gathering all of the stats that you just provided to us in black and white terms, and presenting it to him? Maybe he doesn't realize the increased workload that you have taken on. Another question to consider is if this is going to be an ongoing occurrence. It could quite possibly be that you are being tested and groomed for something bigger than what title you currently serve.

Life is a rat race on a hamster's wheel sometimes.....