Place a rack in the center of the oven and preheat to 325 degrees Fahrenheit. Grease a 12 cup bundt cake pan with shortening and dust with flour. Shake the excess flour and set aside.
In a medium bowl, whisk together flour, baking powder, and salt. Set aside.
In the bowl of an electric stand mixer fitted with a paddle attachment, cream together butter and cream cheese. Stop the mixer as needed and scrape down the bowl to make sure the butter and cream cheese are evenly incorporated. Add the granulated sugar to the butter and cream cheese mixture, and beat on medium speed until smooth and creamy, about 3-4 minutes.
Stop the mixer and once again scrape down the sides of the bowl.
Over medium/high speed, beat in eggs one at a time, making sure to incorporate after each addition. Stop the mixer and scrape down the sides of the bowl as necessary.
Beat in rum and honey.
Reduce the mixer speed to low, and add the dry ingredients all at once. Mix until the dry ingredients are fully incorporated.
Spoon batter into the prepared pan and bake for 55-60 minutes, or until a skewer or cake tester inserted in the center comes out clean, or with just a few tiny crumbs.**
Make the rum soak:
**While the cake is baking, prepare the rum soak. Melt the butter and sugar together in a small saucepan until the sugar crystals dissolve but don’t let the mixture boil. Mix in the rum and honey.
As soon as the cake comes out of the oven, poke holes in the top of the cake with a long knife or fork. Slowly drizzle the hot rum soak over the top of the cake while it is still in the pan. It will mostly go to the outside of the cake and that’s ok because it will soak down and soak into the top of the cake.
Once the syrup has totally soaked into the cake (give it about 5-10 minutes), invert to a wire rack to cool completely.
Loosen the sides of the cake from the pan with a butter knife or a rubber spatula. Jiggle the pan slightly to loosen the cake.
Turn the cake out onto a cake plate.
Make the glaze:
As the cakes cool, prepare the glaze.
In a small bowl, combine the confectioners' sugar, honey, vanilla and milk. Whisk with a fork until combined. At this point you can adjust as needed, adding more confectioners' sugar for a thicker glaze or more honey. Drizzle or pour honey vanilla glaze over cooled cakes.
Store any remaining cake in an airtight container at room temperature.
The calories shown are based on the cake being cut into 15 pieces, with 1 serving being 1 slice of cake. Since different brands of ingredients have different nutritional information, the calories shown are just an estimate. **We are not dietitians and recommend you seek a nutritionist for exact nutritional information.**